Keppel sees selloff after Temasek walks away from deal

Singapore

KEPPEL Corp shares were dragged down on Tuesday as investors were on edge after the surprise announcement that Temasek Holdings has scrapped its S$4 billion partial offer for the conglomerate.

Within the first minute of the opening bell, Keppel sank nearly 13 per cent or S$0.69 to a low of S$4.71. It clawed back some losses to finish at S$4.80, down 11.1 per cent or S$0.60 from Friday. This is the counter's weakest close in more than four years - the last time it ended trading below this level was in February 2016, according to Shareinvestor data.