The AS Watson deal allows Li Ka-shing to pull out some capital from the retailer and redeploy it for better returns. Photo: Bloomberg

Did Temasek overpay for its stake in AS Watson?

Li Ka-shing's latest move to quickly close a HK$44 billion private deal with Singapore's Temasek for 25 per cent of AS Watson may be convenient for him, but the future could reveal that the sovereign wealth fund overpaid for Asia's richest man's own perceived brand and prowess.