Sembmarine hit by mandatory takeover offer

摘要

THE Singapore government's investment company Temasek has made a mandatory conditional takeover cash offer for Sembcorp Marine, having recently increased its shareholding in the oil and gas fabricator. Temasek's shareholding increased by 4% to 46.6% following a recent rights issue, and this triggered an obligation, under Singapore law, for Temasek to make a mandatory general cash offer for the shares of Sembcorp Marine that it does not already own at not less than the highest price at which Temasek has acquired shares in the prior six months.