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MONDAY MULTIPLE

Conglomerates are not built equally

They offer diversified earnings streams, but can be complex and prone to value destruction

WHEN Singapore's Keppel Corporation made a bid of as much as S$3.2 billion in January to buy the shares of subsidiary Keppel Land (KepLand) that it did not own, Keppel Corp CEO Loh Chin Hua expressed an ambition for his company to be like the world's top 20 conglomerates, which trade at a

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