- June 24, 2021
- Posted by: Stratford Team
- Category: Business
June 24 (Reuters) – Singapore conglomerate Keppel Corp (KPLM.SI) and Sembcorp Marine (SCMN.SI) are in the process of kicking off talks to explore combining their struggling offshore and marine (O&M) businesses, two sources familiar with the matter said on Thursday.
The sources declined to be identified as they were not authorised to speak to media.
Trading in shares of Keppel and Sembcorp Marine was halted on Thursday pending announcements.
Keppel declined comment while there was no immediate response from Sembcorp Marine to a Reuters query.
The boards of both companies are meeting on Thursday to begin discusssions that could take many months and ultimately result in Keppel Corp hiving off its O&M business and combining it with Sembcorp Marine, the sources said.
Reporting by Rashmi Ashok in Bengaluru; Editing by Christian Schmollinger
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