Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
HSBC's plan to take Hang Seng private wins committee approval
(Sharecast News) - HSBC's proposal to take Hang Seng private in a £10bn deal has been approved by an independent board committee, paving the way for shares in the Hong Kong lender to be delisted late next month. The UK banking giant, which announced the potential deal back in October, said on Monday that the independent committee had deemed the proposal "fair and reasonable".
HSBC already owns over 63% of Hang Seng but is wanting to buy up the remaining shares it does not currently own for HKD106.2bn (£10.2bn) or HKD155 a share.
The offer represents a 33.1% premium to the 30-day average before the proposal was first announced, and values the Hong Kong lender at HKD290bn (£27.9bn).
"We are delighted to receive these important recommendations. Our intention to privatise Hang Seng Bank is an investment for growth in a home market we know very well," said HSBC chief executive Georges Elhedery, who has recently pledged to expand the bank's network through acquisitions, while selling off non-core businesses.
"We see a compelling opportunity to create greater alignment, while respecting the heritage and customer proposition of Hang Seng Bank. We will invest further in our relative strengths to respond quickly to market and customer needs as we serve Hong Kong's many growth opportunities aheadl" Elhedery said.
HSBC shares were up around 1% at 1,122.18p by 1040 GMT.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document or Product Summary document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
