{"id":15300,"date":"2020-08-11T11:35:21","date_gmt":"2020-08-11T08:35:21","guid":{"rendered":"https:\/\/www.al-sindbad.net\/temasek-unit-scraps-3-billion-bid-for-keppel\/15300\/"},"modified":"2020-08-11T11:35:21","modified_gmt":"2020-08-11T08:35:21","slug":"temasek-unit-scraps-3-billion-bid-for-keppel","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/temasek-unit-scraps-3-billion-bid-for-keppel\/15300\/","title":{"rendered":"Temasek Unit Scraps $3 Billion Bid for Keppel"},"content":{"rendered":"<p><\/p>\n<p>Kyanite invoked a clause allowing it to withdraw the offer after the quarterly loss failed to meet pre-conditions of the bid, it said in a statement Monday. Kyanite in October offered S$4 billion ($2.9 billion) for an additional 30.6% stake in Keppel. Temasek already owns one-fifth of the conglomerate, whose businesses include offshore and marine infrastructure and property development.<\/p>\n<p><\/p>\n<p>There were warning signs that the deal may not go through when Keppel <a href=\"https:\/\/gcaptain.com\/keppels-loss-breaches-temaseks-conditions-for-takeover-ceo-says\/\">reported a net loss<\/a> of S$697.6 million for the three months ended June 30. That was Keppel\u2019s first quarterly loss in more than two years as Singapore\u2019s partial lockdown slowed production at its yards, with impairment losses at an associated company further denting its bottom line. Keppel shares have tumbled 20% this year.<\/p>\n<p><\/p>\n<p>Under the bid conditions, Keppel needed to have a net asset value above S$10.3 billion and cumulative net income after tax but before non-controlling interests of more than S$556.9 million. Both were cited in June as key benchmarks by Morgan Stanley, Temasek\u2019s adviser on the deal. However, Keppel\u2019s quarterly loss meant it didn\u2019t satisfy a pre-condition related to after-tax net income.<\/p>\n<p><\/p>\n<p><em>\u00a9 2020 Bloomberg L.P<\/em><\/p>\n<p>gCaptain<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kyanite invoked a clause allowing it to withdraw the offer after the quarterly loss failed to meet pre-conditions of the bid, it said in a statement Monday. Kyanite in October offered S$4 billion ($2.9 billion) for an additional 30.6% stake in Keppel. Temasek already owns one-fifth of the conglomerate, whose businesses include offshore and marine &hellip;<\/p>\n","protected":false},"author":1,"featured_media":14656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[2410,2068,2122,7079,7005,1188],"class_list":["post-15300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marine-world","tag-bid","tag-billion","tag-keppel","tag-scraps","tag-temasek","tag-unit"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/15300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=15300"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/15300\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/14656"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=15300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=15300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=15300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}