Malaysian construction giant Sunway’s $2.77 billion takeover offer for competitor IJM Corp collapsed on Monday, ending plans to create one of the country’s largest construction and infrastructure groups.
By market close on April 6, Sunway only managed to secure commitments for a third of IJM’s shares. This marked the end of Sunway’s bid, which it launched on January 12. Sunway and IJM are both listed on Fortune’s Southeast Asia 500 list, which ranks the region’s companies by revenue. (The former, at No. 190, reported $1.7 billion in revenue in 2024, while the latter, at No. 228, generated $1.3 billion.)
