20 Dec '12, 4am

Singapore property tycoon may need to sweeten SC Global buyout offer

* Chairman, CEO Cheong gets pushback from Wheelock * Counterbid unlikely given Cheong's controlling stake * SC Global could face penalties for unsold luxury units By Anshuman Daga SINGAPORE, Dec 20 (Reuters) - Singapore property magnate Simon Cheong, best known for selling luxury units at record prices, may have to fork out more money to appease his company's key shareholder and take SC Global Developments Ltd private in a planned S$745 million ($612 million) deal. Cheong, who controls 60 percent of the company and is chief executive and chairman, faces resistance from Wheelock Properties (Singapore) Ltd, which owns 16 percent of the firm and recently bought shares just above the tycoon's offer price. Wheelock has also hired Goldman Sachs to advise on its stake, but sources with direct knowledge of the matter said the company, controlled by Hong Kong-based group Wheelock a...

Full article: http://www.reuters.com/article/2012/12/20/scglobal-offer-...

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