The chairman and CEO of Rodamco Asia, Ton de Boer, will stay on until the end of 2004. This was said by De Boer last Friday at the explanation of ING Real Estate’s bid for Rodamco Asia.
After his resignation, De Boer will still be connected the company as advisor. The offer period of ING’s bid for Rodamco Asia is from April 23 to May 1. As usual, the bidding party will live up to their offer if 95% of the shares have come forward. ING Real Estate can still cancel the deal if the Asian currencies, which are mostly connected to the US dollar, fall in the coming weeks. As a rule, ING has agreed to be able to cancel the deal if the dollar falls more in the coming four weeks than it has in the last four years. Other interested parties have cancelled before because of currency values.
General Manager George Jautze of ING Real Estate says that the most important reason for ING Real Estate’s takeover is the desire to aim at expansion in Asia over the coming years. The current portfolio mostly concerns countries where ING is active as insurer. On April 22 Rodamco Asia will hold an extraordinary shareholder meeting regarding the offer.
Source: De Financiele Telegraaf
