Singaporean conglomerate Keppel Corp said on Friday it would spend 305 million euros ($314.7 million) along with a unit for a 50.01% stake in a special purpose vehicle (SPV) that owns 50% of Borkum Riffgrund 2, an offshore wind farm in Germany. The deal comes as companies race to increase their exposure to renewable energy assets which have risen in prominence in recent years amid a global push towards clean and sustainable energy. "The transaction further accelerates the growth of the group's exposure in renewable energy assets," Keppel said in a statement, adding that it would have a total renewable energy portfolio of about 2.2 gigawatts after the investment was completed.
SINGAPORE (Reuters) -Singapore's Sembcorp Marine (Sembmarine) has agreed to a S$8.7 billion ($6.29 billion) merger with Keppel Corp's larger offshore and marine unit, a year after the Temasek-backed firms began deal talks amid an industry downturn. The lossmaking oil rig builders have been whiplashed by years of oversupply, oil price volatility and a drop in new orders. The combination "brings together two leading O&M companies in Singapore to create a stronger player that can realise synergies and compete more effectively amidst the energy transition," Keppel CEO Loh Chin Hua said.
Singapore Press Holdings (SPH) said on Tuesday its shareholders had approved acquisition by Cuscaden Peak, after it announced it was terminating rival bidder Keppel Corp's offer. Both Cuscaden Peak and Keppel Corp are linked to state investor Temasek, and the deal had sparked a rare bidding war between the two groups, with the former offering S$2.40 per share, or S$3.9 billion ($2.87 billion), and the latter offering S$2.351 per share or S$3.74 billion for SPH's real estate business. Keppel Corp, which counts Temasek Holdings as a major shareholder, has previously said it did not agree with SPH's move to terminate its offer.