SINGAPORE -- Singapore's Keppel Corp. said Monday that state investment firm Temasek Holdings was withdrawing from a bid to acquire the conglomerate due to its worsening financial performance, leaving the company's restructure plan in doubt.
Temasek holds about 20% of Keppel, which is involved in offshore rig building -- one of the key pillars of the city-state's economy -- as well as property and infrastructure development. Last October, Keppel announced that Temasek would buy an additional 30.55% stake from existing shareholders, which translated into a total investment of about 4 billion Singapore dollars ($3 billion).
