Reuters: Deals: DBS in talks to buy Temasek stake in Indonesia's Danamon: sources

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DBS in talks to buy Temasek stake in Indonesia's Danamon: sources Mar 30th 2012, 10:53 SINGAPORE/JAKARTA | Fri Mar 30, 2012 6:27am EDT SINGAPORE/JAKARTA (Reuters) - DBS Group (DBSM.SI), Southeast Asia's biggest lender, is making a bid for a controlling stake in Indonesia's Bank Danamon (BDMN.JK) worth about $3.2 billion and owned by an arm of Singapore state investor Temasek Holdings TEM.UL, sources said on Friday. Fullerton Financial Holdings, the Temasek unit, confirmed it had received an offer for its 68 percent stake in Danamon, but did not elaborate on the name of the bidder in a statement. Sources told Reuters the offer came from DBS, which is also 29 percent owned by Temasek. The sources declined to be identified because the talks were not public. DBS declined to comment. Danamon said earlier on Friday that its controlling shareholder Asia Financial, controlled by Temasek, received an offer from an investor to sell the stake, and requested a trading halt until April 2 because of "the transaction plan". Danamon CEO Henry Ho told Reuters last year that in any acquisition for the lender, it would be valued at no less than 3.5 times book value. The 68 percent stake was valued at around $3.2 billion based on Danamon's last traded price. (Reporting by Saeed Azhar and Kevin Lim in SINGAPORE and by Janeman Latul in JAKARTA; Editing by Neil Chatterjee)

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