KEPPEL CORPORATION L

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Keppel : Temasek to Decide on Keppel Partial Offer by End of August

08/02/2020 | 08:04pm

By P.R. Venkat

Temasek Holdings Pte. will make a decision by the end of August on whether to withdraw its $3.0 billion partial offer for Keppel Corp. after the rig builder's financial performance failed to meet conditions set by the state-investment company.

Temasek in October made an offer to acquire a controlling 51% stake in Keppel subject to certain conditions including no material adverse change in the group's financial performance.

"If the MAC pre-condition is invoked by the offeror, the pre-conditional partial offer will be withdrawn," Morgan Stanley, which is advising Temasek, said Saturday.

The investment bank said Temasek would disclose by Aug. 31 if it intends to invoke the financial performance condition.

Last week, Keppel reported a loss of 697.6 million Singapore dollars ($507.5 million) for the second quarter, primarily due to impairments and a weak performance in its offshore-and-marine business.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

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