Malaysia's Sime Darby says plans $1.74 bln bid for NBPOL

Reuters

KUALA LUMPUR, Oct 9 (Reuters) - Malaysia's Sime Darby Bhd , the world's top oil palm planter by land size, said it will make a cash offer for all the shares of New Britain Palm Oil Ltd for 1.073 billion pounds ($1.74 billion).

Malaysia's Kulim Malaysia Bhd owns 48.97 percent of NBPOL, while the West New Britain Provincial Government owns 8 percent and Pacific Rim Plantation Services 4.49 percent. The transaction will be funded by cash resources and credit lines.

Shares of Sime Darby and Kulim will be suspended for an hour on early Thursday, the two companies said in separate announcements.

(1 US dollar = 0.6184 British pound) (Reporting By Al-Zaquan Amer Hamzah; Editing by Richard Pullin)