According to sources familiar with foreign cables, Temasek has temporarily shelved the sale of minority shares of its chairman and Watson Group.
September 3, according to foreign media reports, Temasek is postponing the sale of its minority stake in the Watson Group, which is owned by the Chairman and his subordinate. As a result, Temasek suspended the sale process after failing to agree on a valuation with potential buyers, according to people familiar with the matter. In addition to the turmoil in Hong Kong's local market, uncertainties surrounding the UK's exit also affected the retailer's business in the UK.
Earlier in March, Temasek sought to obtain about $3 billion through the sale of about 10% of Watson's shares, according to people familiar with the matter. Temasek is considering selling slightly less than half of its 25% stake. People familiar with the situation also pointed out that Tencent may join forces with some investment funds to launch a joint acquisition of Watson's shares. At the same time, these shares have attracted Alibaba's interest.
Viewpoint Real Estate New Media Inquiries show that Watson is a health and beauty brand of Changhe. Temasek signed Watson's business strategy alliance with Changhe in March 2014, purchased 25% of Watson Group from Changhe and invested HK$44 billion.
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