Hong Kong-based conglomerate Jardine Matheson is aiming to buy the remaining shares it does not already own in Mandarin Oriental in a move to take the company private.

Under the deal, Mandarin Oriental would be delisted from the London, Singapore and Burmudan stock exchanges.

Jardine Matheson is a 193-year-old organisation with investments in property, retail and automotive industries.

In a statement, the company said full ownership of the hotel group will allow it to better support Mandarin Oriental's growth and to streamline its portfolio.

The acquisition would mean Jardine Matheson’s wholly-owned subsidiary Bidco will purchase the remaining 11.96 per cent of Mandarin Oriental’s shares. The entire share capital of the company would be valued at approximately US$4.2 billion (€3.7 billion, £3.2 billion) as a result of the transaction.

Independent shareholders are expected to receive US$3.35 (€2.94, £2.56) per share, made up of US$2.75 (€2.42, £2.10) in cash and a special dividend of US$0.60 (€0.53, £0.46).

Mandarin Oriental has also agreed to sell its headquarters in the top 13 floors of the landmark Hong Kong tower, One Causeway Bay, to Alibaba Group and Chinese financial tech company Ant Group for US$925 million (€823 million, £710 million).

Several Mandarin Oriental directors are also directors of Jardine Matheson. To avoid conflicts of interest, the acquisition process is being considered by the Mandarin Oriental Transaction Committee, a committee of independent, non-executive directors of Mandarin Oriental.

The proposal needs to be agreed to by 75 per cent of Mandarin Oriental shareholders to succeed.

The acquisition is expected to be completed by the end of February 2026.

Jardine Matheson is currently valued at US$58 billion. The company was founded in Hong Kong in 1832 by Scots William Jardine and James Matheson.