Hang Seng Bank shareholders approve HSBC’s US$14 billion privatisation bid

Hong Kong’s banking sector began a new chapter on Thursday as Hang Seng Bank shareholders approved HSBC Holdings’ bid to take the lender private in a deal worth nearly US$14 billion. The proposal, under which HSBC offered shareholders HK$155 a share – 30 per cent higher than Hang Seng Bank’s HK$119 closing price on the last trading day before the announcement on October 9, received strong shareholder support, with 85.75 per cent of the votes, according to Hang Seng Bank. It surpassed the...