Temasek Holdings Pte. Ltd. is in advanced talks to buy a stake in Li Ka-shing’s A.S. Watson & Co., in a deal that could rank among the Singapore state firm’s biggest overseas investments, the Wall Street Journal reported Friday, citing people familiar with the matter. The planned investment, if it goes through, could affect Watson’s plan for a dual listing in Hong Kong and London, it said. While bankers continue to work on a dual summer listing of up to US$6 billion, Temasek’s move will be a big step for Watson, which Li said in recent weeks was set to go public, the Journal noted.
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