The (still) continuing E&O saga: Sime Darby vs ECM Libra tussle a proxy war?
There is talk that the tug-o-war over Eastern & Oriental is really a front for some heavy political tussling involving Sime Darby, a government linked company led by Mohd Bakke, said to be close to the Prime Minister, and ECM Libra. a boutique investment banker that was once run by some of Abdullah Ahmad Badawi's closest aides when he was PM but which is now intimately-linked to Penang Chief Minister Lim Guan Eng.
ECM Libra's attempt to take over E & O, which owns a large tract of land on Penang island, has more or less been thwarted by Sime Darby. But there's still hope to make a cool RM155 million from the shares it owns, according to Big Dog, and that is why the boys at ECM Libra are working hard to try and force a mandatory general offer.
Which is, by the way, a NO GO, I hear.
Read the political intrigues behind this corporate wrestling match H E R E.
COMING SOON: HAS BADAWI'S FOURTH FLOOR SHIFTED TO LIM GUAN ENG'S OFFICE IN PENANG?