POST Online Media Lite Edition



 

Temasek makes $3 billion bid to take control of Singapore's Keppel Corp

Christian Fernsby |

KEY POINTS
  • The offeror is an indirect wholly-owned subsidiary of Temasek Holdings
  • The intention is for Keppel to remain listed on the Singapore Exchange
  • The partial offer will be made if and when each of the pre-conditions is satisfied or waived

Subject to certain pre-conditions, Kyanite Investment Holdings intends to make a partial offer to acquire 30.55% of shares in Keppel Corporation Limited for S$7.35 per share in cash.

Topics: TEMASEK    SINGAPORE    KEPPEL   

The offeror is an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited which already directly owns 20.45% of shares in the company. If successful, the partial offer will result in Temasek and the offeror directly owning 51% of the shares in Keppel and the offeror concert party group having a resultant shareholding in Keppel of 52.04% at the close of the partial Offer.

The intention is for Keppel to remain listed on the Singapore Exchange. If successful, the partial offer will allow offer shareholders to monetise a portion or potentially all of their holdings in Keppel, at a premium over the last traded price of the shares.

The partial offer will be made if and when each of the pre-conditions is satisfied or waived (at the discretion of the offeror). Such pre-conditions include the obtaining of domestic and foreign regulatory approvals, the process for which is expected to take several months.

Assuming there is no change to the total number of shares as at the record date, the offer shares to be acquired would represent 30.55% of these shares.


What to read next

Temasek Holdings sets up Europe office in London
Temasek invests in Italian-French luxury company Moncler
Temasek strengthens in China