Sembcorp Marine Ltd. has agreed to merge with Keppel Corp.’s subsidiary in a deal that will create the world’s biggest builder of oil rigs and push the business further into renewables and alternative energy solutions.
Sembcorp Marine and Keppel Offshore & Marine will be wholly owned by a new holding entity, which will be listed on the Singapore stock exchange, the two companies said in a joint statement Wednesday. A shareholder meeting is expected to be held in the fourth quarter to seek approval for the transaction, which is subject to various regulatory sign offs. $SEMBCORP MARINE LTD(S51.SI)$
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