Battle of the billionaires: OCBC locks horns with Elliott Capital over Wing Hang deal

The Singaporean bank is not backing down.

There is one big hindrance to OCBC’s successful acquisition of Wing Hang Bank. The Singaporean bank is not shying away from a battle with Elliott Capital Advisors LP, a multi-billion-dollar hedge fund that has so far refused to relinquish its 7.8% stake in Wing Hang.

According to a report by Bloomberg, Elliott could stop OCBC’s plans to delist Wing Hang if the fund manages to get a bigger stake or garner enough shareholder support.

“OCBC, Southeast Asia’s second-largest lender, offered HK$38.4 billion ($5 billion) for Wing Hang on April 1. By July 4, OCBC had garnered 50.4 percent of the shares, including those of Chairman Patrick Fung’s family. A few days earlier, Elliott had raised its stake in Wing Hang to about 7.8 percent, also paying HK$125 for each share in its latest purchase.The Wing Hang standoff wouldn’t be the first time Elliott has tried to use a stake to block a deal or push bidders to pay more,” the report stated.

Read Bloomberg’s report in full here.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia