On February 16th, 2023, it was reported that more than 95% of the shareholders of Sembcorp Marine (Sembmarine) approved the proposed merger with Keppel Offshore & Marine (Keppel O&M) during an extraordinary general meeting. The merger is expected to create a stronger entity that can better compete in the global market.
The merger between Sembmarine and Keppel O&M was first announced in August 2022, and the two companies signed a non-binding agreement to combine their businesses in November 2022. The merger would create the world's largest offshore and marine engineering group, with a combined order book of approximately SGD 14.5 billion.
The proposed merger has been supported by the boards of both Sembmarine and Keppel O&M, as well as the Singapore government, which is a significant shareholder in both companies. The merger is also expected to result in cost savings and operational efficiencies.
While more than 95% of Sembmarine shareholders approved the merger, the deal is still subject to regulatory and other approvals, including from the Competition and Consumer Commission of Singapore. The companies aim to complete the merger by the end of 2023.
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