$Keppel (BN4.SG)$ $6.66 Keppel Corp (Keppel Corp) and Sembco...
$Keppel(BN4.SG$ $6.66 Keppel Corp (Keppel Corp) and Sembcorp Marine (Sembcorp Marine) announced the signing of a merger agreement between Keppel Offshore and Marine Business (Keppel O&M) and Sembcorp Marine, which will create a leading global offshore renewable energy, new energy and clean offshore and marine solutions company.
They announced on April 27 that the merger will be carried out on the basis of an equal (50:50) ratio of the corporate values of Keppel Offshore and Semco Marine, and that Keppel Offshore and Marine will pay 500 million yuan in cash to Keppel. After the merger transaction is completed, shareholders of Keppel Corporation and Semco Marine will hold 56% and 44% of the combined company's shares, respectively. A joint statement from the two sides stated that Keppel Offshore and Marine's legacy rigs (legacy rigs) and related accounts receivable will not be part of the merger plan, but will be sold to an independent “asset company”, and other investors will hold 90% of the asset company's shares, and Keppel will hold the remaining 10% of the shares.
Keppel Offshore & Marine and Sembcorp Marine will maintain operational strength by retaining and attracting offshore and marine engineering talent while engaging with trade unions to resolve labor issues associated with merging companies. The merger plan is still pending various regulatory approvals and is expected to be submitted to the respective shareholders for approval in the fourth quarter of 2022.
The statement also said that Keppel Corporation will distribute 46% of the combined company's shares to shareholders and keep 10% of the shares, which will be placed in a separate account. Following this distribution of shares, Temasek (Temasek) will hold 33.5% of the combined company's shares and become the largest shareholder of the merged company.
They announced on April 27 that the merger will be carried out on the basis of an equal (50:50) ratio of the corporate values of Keppel Offshore and Semco Marine, and that Keppel Offshore and Marine will pay 500 million yuan in cash to Keppel. After the merger transaction is completed, shareholders of Keppel Corporation and Semco Marine will hold 56% and 44% of the combined company's shares, respectively. A joint statement from the two sides stated that Keppel Offshore and Marine's legacy rigs (legacy rigs) and related accounts receivable will not be part of the merger plan, but will be sold to an independent “asset company”, and other investors will hold 90% of the asset company's shares, and Keppel will hold the remaining 10% of the shares.
Keppel Offshore & Marine and Sembcorp Marine will maintain operational strength by retaining and attracting offshore and marine engineering talent while engaging with trade unions to resolve labor issues associated with merging companies. The merger plan is still pending various regulatory approvals and is expected to be submitted to the respective shareholders for approval in the fourth quarter of 2022.
The statement also said that Keppel Corporation will distribute 46% of the combined company's shares to shareholders and keep 10% of the shares, which will be placed in a separate account. Following this distribution of shares, Temasek (Temasek) will hold 33.5% of the combined company's shares and become the largest shareholder of the merged company.
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