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Singapore conglomerate Keppel loses Temasek's $3bn bid

Company's restructure now in doubt as COVID pandemic continues to bite

Keppel on July 30 reported a net loss of SG$697 million due to impairment costs incurred in its offshore and marine business.   © Reuters

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).

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