SINGAPORE - Singapore’s Temasek Holdings is terminating its $3 billion conditional offer for conglomerate Keppel Corp by invoking a material adverse change clause following the company’s poor financial results.
Keppel’s large second-quarter loss that breached a threshold in the state investor’s offer to buy control of the company had raised the risk Temasek would abandon the deal. [L4N2F301B] Its decision is still likely to surprise markets as expectations had mounted Temasek would lead much-needed consolidation in the rig-building sector after taking majority control of Keppel.
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