Oil Unit Merger Propels Keppel’s Stock With Deadline Days Away

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Oil Unit Merger Propels Keppel’s Stock With Deadline Days Away

Bloomberg2022-04-22

(Bloomberg) -- The deadline for a transformative deal between Keppel Corp. and Sembcorp Marine Ltd. is just days away. Most Read from Bloomberg Kremlin Insiders Alarmed Over Growing Toll of Putin’s ...

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Victortyl
·2022-04-27
So has it happened yet?
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","content":"<html><body><p>(Bloomberg) -- The deadline for a transformative deal between Keppel Corp. and Sembcorp Marine Ltd. is just days away. </p>\n<p>Most Read from Bloomberg</p>\n<ul>\n<li>Kremlin Insiders Alarmed Over Growing Toll of Putin’s War in Ukraine</li>\n<li>The Second Wave of the Russian Oil Shock Is Starting</li>\n<li>Putin Calls Off Storm of Mariupol With Ukraine Troops Surrounded</li>\n<li>Ukraine Latest: Biden Boosts Aid, Kyiv Sees $600 Billion Rebuild</li>\n<li>Obamas to Leave Spotify, Seek Podcast Deal Elsewhere</li>\n</ul>\n<p>Shares of both companies have surged on expectations they will decide on combining their oil rig businesses into a separate entity by the end of April, with some expecting further gains. Sembcorp has jumped 50%, while Keppel is up almost 30% as the third-best performer on the benchmark Singapore index. </p>\n<p>“The shares could re-rate if the Sembcorp deal comes through,” Terence Chua, an analyst at Phillip Securities Research Pte., said referring to Keppel’s stock. “The value of the Keppel group without the offshore and marine business should increase as working capital will reduce, as will the conglomerate discount.”</p>\n<p>Amid years of low oil prices, shipyards in Asia have been consolidating and cutting jobs as orders for oil rigs and production facilities slumped. Keppel and Sembcorp Marine entered into talks last year to combine and win more work in the renewable energy sector, which will cut their reliance on the fossil fuel market.</p>\n<p>“It is a very complex transaction and it has taken a bit of time for both sides,” Loh Chin Hua, Keppel’s chief executive officer, said in a quarterly briefing call on Thursday. “We’re making good progress.”</p>\n<p>Keppel, a property developer and owner of the world’s largest oil-rig builder, plans to distribute shares it receives from the merged company to shareholders. The offshore and marine unit contributed about a quarter of Keppel’s revenues in 2021 but posted losses for a second straight year. </p>\n<p>Sembcorp Marine has run losses for four straight years. </p>\n<p>Keppel is among Singapore’s state-linked firms restructuring to become asset-light or foray into new economy sectors. The company, founded in 1968, aims to simplify its business by 2030 and manage offshore energy projects and infrastructure assets.</p>\n<p>Most Read from Bloomberg Businessweek</p>\n<ul>\n<li>How WALL-E Predicted the Future</li>\n<li>Everything You Need to Know About Netflix’s Big Miss</li>\n<li>Alzheimer’s Trials Exclude Black Patients at ‘Astonishing’ Rate</li>\n<li>Beijing Crackdown Derails Alibaba’s Bid for Amazon-Size Profit</li>\n<li>America’s Favorite Truck Is About to Test Tesla’s Dominance</li>\n</ul>\n<p>©2022 Bloomberg L.P.</p></body></html>","source":"yahoofinance_sg","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil Unit Merger Propels Keppel’s Stock With Deadline Days Away</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil Unit Merger Propels Keppel’s Stock With Deadline Days Away\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-04-22 08:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oil-unit-merger-propels-keppel-001943918.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- The deadline for a transformative deal between Keppel Corp. and Sembcorp Marine Ltd. is just days away. \nMost Read from Bloomberg\n\nKremlin Insiders Alarmed Over Growing Toll of Putin’s ...</p>\n\n<a href=\"https://finance.yahoo.com/news/oil-unit-merger-propels-keppel-001943918.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://s.yimg.com/uu/api/res/1.2/0pfjgioLIcMSjD_D2XhqVg--~B/aD02NzU7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://s.yimg.com/uu/api/res/1.2/gTrT.PM88AVKFSz_8APkng--~B/aD02NzU7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/bloomberg_markets_842/829ce85a8ceeb819bfe83dd07a5b8e3d","relate_stocks":{"BN4.SI":"吉宝有限公司"},"source_url":"https://finance.yahoo.com/news/oil-unit-merger-propels-keppel-001943918.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2229139196","content_text":"(Bloomberg) -- The deadline for a transformative deal between Keppel Corp. and Sembcorp Marine Ltd. is just days away. \nMost Read from Bloomberg\n\nKremlin Insiders Alarmed Over Growing Toll of Putin’s War in Ukraine\nThe Second Wave of the Russian Oil Shock Is Starting\nPutin Calls Off Storm of Mariupol With Ukraine Troops Surrounded\nUkraine Latest: Biden Boosts Aid, Kyiv Sees $600 Billion Rebuild\nObamas to Leave Spotify, Seek Podcast Deal Elsewhere\n\nShares of both companies have surged on expectations they will decide on combining their oil rig businesses into a separate entity by the end of April, with some expecting further gains. Sembcorp has jumped 50%, while Keppel is up almost 30% as the third-best performer on the benchmark Singapore index. \n“The shares could re-rate if the Sembcorp deal comes through,” Terence Chua, an analyst at Phillip Securities Research Pte., said referring to Keppel’s stock. “The value of the Keppel group without the offshore and marine business should increase as working capital will reduce, as will the conglomerate discount.”\nAmid years of low oil prices, shipyards in Asia have been consolidating and cutting jobs as orders for oil rigs and production facilities slumped. Keppel and Sembcorp Marine entered into talks last year to combine and win more work in the renewable energy sector, which will cut their reliance on the fossil fuel market.\n“It is a very complex transaction and it has taken a bit of time for both sides,” Loh Chin Hua, Keppel’s chief executive officer, said in a quarterly briefing call on Thursday. “We’re making good progress.”\nKeppel, a property developer and owner of the world’s largest oil-rig builder, plans to distribute shares it receives from the merged company to shareholders. The offshore and marine unit contributed about a quarter of Keppel’s revenues in 2021 but posted losses for a second straight year. \nSembcorp Marine has run losses for four straight years. \nKeppel is among Singapore’s state-linked firms restructuring to become asset-light or foray into new economy sectors. The company, founded in 1968, aims to simplify its business by 2030 and manage offshore energy projects and infrastructure assets.\nMost Read from Bloomberg Businessweek\n\nHow WALL-E Predicted the Future\nEverything You Need to Know About Netflix’s Big Miss\nAlzheimer’s Trials Exclude Black Patients at ‘Astonishing’ Rate\nBeijing Crackdown Derails Alibaba’s Bid for Amazon-Size Profit\nAmerica’s Favorite Truck Is About to Test Tesla’s Dominance\n\n©2022 Bloomberg L.P.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}