DBS Backs Out of Danamon Takeover

A high-profile US$6.1 billion deal for Singapore's DBS Bank to take over Bank Danamon, Indonesia's sixth-largest lender by assets, is dead, according to a formal DBS statement, a casualty of the country's rising economic nationalism. The Singaporean bank, the largest in Southeast Asia by assets, had until Aug. 1 - tomorrow - to decide whether to go ahead with the purchase of a limited 40 percent share of Danamon instead of taking over control.

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