MISC scraps RM3.2b bid for Ramunia

MALAYSIA's MISC Bhd (3816), the world’s largest carrier of liquefied natural gas, scrapped a US$882 million takeover bid for oil services firm Ramunia Holdings Bhd, saying its due diligence findings were unsatisfactory.
The RM3.2 billion reverse takeover offer was first unveiled in January, under which Ramunia was to issue shares worth well in excess of its market value to MISC in return for MISC’s unlisted shipbuilding unit, Malaysia Marine and Heavy Engineering (MMHE)