Overview
- Independent shareholders gave roughly 86% support, clearing the Takeovers Code requirement of at least 75% approval with limited opposition.
- HSBC offered HK$155 per share for the 36.5% it does not own, valuing Hang Seng Bank at about HK$106.1 billion, or roughly US$13.6 billion.
- Subject to court sanction, the scheme is slated to take effect on January 26 with delisting from the Hong Kong Stock Exchange expected on January 27.
- HSBC already holds about 63% of Hang Seng and plans to make the lender a wholly owned subsidiary of HSBC Asia Pacific upon completion.
- HSBC’s Georges Elhedery said the vote shows confidence in Hang Seng’s franchise and the benefits of full ownership as the group integrates operations.