Temasek is right to abandon Keppel for deal with Sembcorp
Keppel and Sembcorp shares might offer value, but Sembmarine shares could sink further on distribution in-specie
THERE was a hint of sour grapes in Keppel Corp's response to news this past week that Temasek Holdings had decided to back out of its partial offer for the company by invoking a "material adverse change" (MAC) pre-condition.
"The partial offer was unsolicited," Keppel said in a statement on Aug 10. "Keppel did not negotiate the terms of the partial offer including the MAC pre-condition."
Keppel went on to remind everyone that it has a long-term strategy in place - dubbed Vision 2030 - as well as a strong balance sheet and the support of a network of banks to finance its operations and long-term growth initiatives.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Apple nears deal with OpenAI to put ChatGPT on iPhone
Soyoil jumps on bets US tariffs to include Chinese cooking oil
Why companies are nervous about the consumer
Apple says no major app developers accept new outside payments
Shein steps up London IPO preparations amid US hurdles to listing, sources say
Apple scores win in labor case involving fired retail workers