Hutchison falls after Watson deal
Hutchison Whampoa shares fell as much as six per cent yesterday after a $5.7bn deal to sell a stake in its health and beauty retailer to Singapore state investor Temasek Holdings disappointed investors hoping for a higher valuation. The stock saw its steepest drop in two-and-a-half years in the first trading session after Temasek on Friday agreed to buy just under a quarter of retailer AS Watson in a deal that valued the company at $22.8bn.