Temasek makes $3 billion bid for Singapore's Keppel, sparks sector M&A talk [Reuters]
KEPPEL CORP LTD S/ADR (KPELY)
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Source: Reuters
Temasek makes $3 billion bid for Singapore's Keppel, sparks sector M&A talk - Reuters 4 Min Read SINGAPORE (Reuters) - Temasek Holdings is offering to buy control of Singapore conglomerate Keppel Corp ( KPLM.SI ) in a S$4.1 billion ($3 billion) deal that could spark consolidation in the domestic rig building sector that is battling the effects of low oil prices. The announcement, which confirmed what sources told Reuters earlier on Monday, boosted shares in rig builder Sembcorp Marine ( SCMN.SI ) by 12% on expectations of a likely shake-up in the industry. On Tuesday, the shares rose a further 2.2%, while shares in Sembcorp’s parent Sembcorp Industries ( SCIL.SI ) were steady after rallying 10% in the previous session. Keppel’s offshore and marine unit, and Sembcorp Marine, the two local players, have been hit by a prolonged downturn in the global sector in the last five years as oil prices tumbled. “There has long been talk of a potential restructuring of businesses under the K
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