Temasek Holdings News

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

Temasek-backed Singapore conglomerate Keppel Corp and smaller rival Sembcorp Marine are exploring a potential tie-up which would see them combine their struggling offshore and marine (O&M) businesses after years of losses in an industry downturn.A successful deal would see Keppel spin off the new business into a listed entity and ultimately exit from the legacy business. Temasek would become the largest shareholder in the combined unit, while Sembcorp will also own a stake in it.Keppel's O&M unit…

Singapore's Pavilion Energy has signed a 10-year deal to buy liquefied natural gas (LNG) from BP's Singapore unit starting in 2024, the companies said on Wednesday, as the city-state seeks to diversify its gas supply sources.The long-term binding LNG sale and purchase agreement (SPA) is for the supply of about 0.8 million tonnes of LNG a year to Singapore, Pavilion and BP said in a joint statement. They did not give financial details.This is the third long-term deal that Pavilion, owned by Singapore state investor Temasek Holdings, has signed since November.

Singapore's Pavilion Energy Trading & Supply Pte Ltd said on Monday it signed a six-year sale and purchase agreement with Chevron Corp for about 0.5 million tonnes per year of LNG supplies from 2023.Pavilion Energy, owned by Singapore state-owned investment company Temasek Holdings, struck the deal with Chevron's Singapore branch.Each cargo supplied to Singapore under the agreement will be accompanied by a statement of its greenhouse gas emissions (GHG) measured from wellhead to discharge port…

Singaporean conglomerate Keppel Corp said on Tuesday it had identified assets worth S$17.5 billion ($12.8 billion) that could potentially be monetized, including through sales, and started a review of its loss-making offshore and marine (O&M) business.The plans unveiled on Tuesday are part of Keppel's 10-year strategy that it had flagged earlier this year to refocus its portfolio to energy and environment, urban development, connectivity, and asset management.Keppel said it was exploring options including strategic mergers and disposals for its offshore and marine business…

Singapore's Temasek Holdings stepped in on Monday to support a S$2.1 billion ($1.5 billion) rights issue by Sembcorp Marine as the state investor moves to help the city-state's struggling rig-building sector.Following the deal, loss-making Sembcorp Marine, which has been hit hard by an industry downturn, plans to demerge from its parent company Sembcorp Industries."It's just the next step in Singapore's long overdue consolidation of the offshore and marine sector," said KGI Securities analyst Joel Ng.

Singapore-based container ship operator Pacific International Lines Pte (PIL) has agreed with most of its financial lenders to defer debt payments and is in talks with a unit of Singapore state investor Temasek Holdings for a potential investment.PIL said in a statement on Tuesday that it had made significant progress in cutting asset costs due to the challenges the sector has been facing but the coronavirus pandemic had made matters worse over the past month.“Due to the situation, the company had commenced discussions with 15 of its financial lenders with a view to concluding a formal agreement concerning a debt-reprofiling plan with these stakeholders…

Singapore state investor Temasek Holdings is offering to buy control of conglomerate Keppel Corp in a S$4.1 billion ($3 billion) deal that could hasten a consolidation in the rig building sector which is battling the effects of low oil prices.The announcement, which confirmed what two sources with knowledge of the matter told Reuters earlier on Monday, boosted shares in rig builder Sembcorp Marine by 12% on expectations of a likely shake-up in the industry. Shares in Sembcorp's parent Sembcorp Industries rose 10%.Keppel's offshore and marine unit…

PSA International, one of the world's largest port operators, announced that  Peter Voser, currently Deputy Chairman, is taking on the role of Group Chairman of the PSA Board.Fock Siew Wah stepped down as Group Chairman on 1 April 2019, and will assume the role of Special Advisor to PSA until his retirement on 31 July 2019.As one of PSA’s longest serving Chairmen, Fock has steered PSA with visionary leadership and strategic foresight since August 2005. With his astute guidance, the PSA Group’s global footprint has grown to its current day span of over 50 coastal, inland and rail terminals in 17 countries, and volumes have doubled to…

India's antitrust regulator has ordered a probe into alleged anti-competitive practices by Denmark's A.P. Moller-Maersk and Dubai's DP World at the terminals they operate at the country's largest container port in Mumbai, five sources familiar with the matter told Reuters.The decision by the Competition Commission of India (CCI) to investigate follows a complaint by Singapore's PSA International Pte Ltd, which alleged that Maersk and DP World created entry barriers to hinder the growth of PSA's terminal by colluding on certain charges they levy at the state-owned Jawaharlal Nehru Port Trust (JNPT).Handling 66 million tonnes of cargo in the last fiscal year to March, JNPT is critical to India's international trade.

Singapore's Pavilion Energy has signed an agreement with commodities shipper BW Group for the long-term charter of two newly built liquefied natural gas (LNG) vessels, the company said on Monday.The 173,400 cubic meter vessels, expected to be delivered between 2019 and 2020, will add to Pavilion's global portfolio and boost its LNG trading expansion, the company said.The M-type, electronically controlled, gas injection (MEGI) vessels offer environmental benefits through greater efficiency and lower carbon emissions, it added."The long-term charters of these MEGI newbuilds ...

French container shipping firm CMA CGM plans to delist Neptune Orient Lines (NOL) following its takeover of the Singaporean shipper, CMA CGM's vice chairman Rodolphe Saade told French daily Les Echos. CMA CGM, the world's third-largest container shipping company, said earlier this month it holds over 78 percent of NOL shares after buying Temasek Holdings' stake in a $2.4-billion deal agreed last year. Minority shareholders can sell their shares to CMA CG until July 18. Saade said he was confident they will sell and added that as soon as CMA CGM holds 90 percent of NOL, Singapore law will oblige any remaining minority shareholders to sell, after which NOL will be delisted.

CMA CGM has finally made its all-cash voluntary conditional general offer for all the outstanding shares of Neptune Orient Lines (NOL). This follows approvals by the relevant regulatory authorities in the European Union and China. The offer price is SGD 1.30 in cash per NOL share, which CMA CGM called a fair value and an offer that the company does not intend to increase. Acceptance of the offer is due by July 4, 2016. CMA CGM currently owns 10.5% of all NOL shares, and intends to delist and privatise NOL through the Offer. NOL’s majority shareholders (Temasek Holdings (Private) Limited and its affiliates), which own 66.78% of all NOL shares, will tender all of their NOL shares in acceptance of the Offer.

French liner giant CMA CGM has acquired last week a total of 2.26 million shares in Neptune Orient Lines (NOL), six months before it is scheduled to make good its S$3.4 billion takeover bid for the Singapore-listed liner, reports Business Times. It acquired 1.33 million (0.05 per cent stake) at $1.233 apiece) and 930,700 shares (0.04 per cent) at S$1.235 each on Jan 4 and Jan 5 respectively. This information was revealed by CMA CGM's financial advisers comprising the Singapore branches of BNP Paribas and The Hongkong and Shanghai Banking Corporation as well as JP Morgan. Marseilles-based container shipping group now has a 1.18% stake in NOL according to Singapore Exchange disclosures.

CMA CGM vice-chairman Rodolphe Saade said that his company was the first ones to initiate the discussions with NOL and Temasek and it made sense to them, that is why they carried on with the discussions, according to a report in The Straits Times. France's CMA CGM proposed a $3.38 billion cash buyout of Temasek Holdings-controlled NOL. "Of course they were talking to others... I don't know about the offers of the others, but what I will say is that we are the third-largest container carrier in the world,"  he added. CMA CGM , privately owned by the billionaire Saade family has, over the years, acquired and integrated brands such as government-owned Australian National Line, African specialist Delmas and Taiwan's Cheng Lie Navigation into its suite.

Singapore sovereign wealth fund Temasek Holdings has agreed to sell its entire 67 percent stake in Neptune Orient Lines (NOL) to France’s CMA CGM, the world’s third-largest container shipper. CMA CGM will pay S$1.30 a share in cash for the 2.6 billion shares in NOL, 6 per cent above the last closing price on the Singapore Exchange, and a 33 per cent premium to the three-month volume-weighted average price to July 16. Temasek has accepted the offer. Tan Chong Lee, Head of Portfolio Management at Temasek said: “We are supportive of this transaction as it presents NOL with an opportunity to join a leading player with an extensive global presence and solid operational track record… Their complementary strengths will yield mutually bene-ficial results.

Moody's Investors Service has today changed to stable from positive the outlook on CMA CGM S.A.'s B1 corporate family rating, B1-PD probability of default rating and B3 senior unsecured rating. Concurrently, Moody's has affirmed the ratings assigned to the company. This follows CMA CGM's announcement of a pre-conditional voluntary general cash offer to acquire Neptune Orient Lines Limited (NOL, unrated), a Singaporean container liner, for a consideration of $2.4 billion. Temasek Holdings (Private) Limited (Aaa stable), NOL's largest shareholder with a 67% stake, has irrevocably undertaken to tender all of its shares into the offer. "While the affirmation reflects that CMA CGM's potential acquisition of NOL would strengthen its business profile…

The global shipping industry consolidation appears to be picking up, with much of the activity centering on Asia, reports Nikkei. The overcapacity and weaker global trade have fueled talk of a shakeout in the industry. CMA CGM is in “exclusive” talks with Neptune Orient Lines’ (NOL) largest shareholder, Temask, for the purchase of its APL container liner business. Over in China, the top two state-owned operators are in the final stages of merger talks. NOL announced that CMA CGM had been granted exclusive negotiating rights, through Dec. 7. Singaporean sovereign wealth fund Temasek Holdings, which owns 68% of the shipping company, has been seeking a buyer since early summer. The French suitor beat Denmark-headquartered A.P. Moller-Maersk, the world leader, for pole position.

France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg. The world’s No. 3 container shipping company is in talks with banks including BNP Paribas SA, HSBC Holdings Plc and JPMorgan Chase & Co. for loans to back an offer for NOL. CMA CGM is the third largest container company in the world and has 8.8 per cent of market share according to container analyst Alphaliner. NOL was started as Singapore’s national shipping line, and following a US$285 million merger in 1997 with American President Lines (APL), it has developed into a company with more than 6,000 staff across 80 countries.

France’s CMA CGM SA is in exclusive talks to buy Singapore’s Neptune Orient Lines Ltd (NOL), the shipping company and its Singapore’s Temasek Holdings Ltd., its largest shareholder, said. The deal would bring together the world’s third-largest container company with Southeast Asia’s biggest container shipper. If materialises, it would be one of the biggest acquisitions in the shipping container industry in years. NOL, whose ships operate under the APL brand, said that Temasek had granted CMA CGM exclusivity “with respect to a potential acquisition of NOL by way of pre-conditional voluntary general offer”. Acquiring Neptune Orient would help consolidate CMA CGM’s position in the global container market along with Maersk and Mediterranean Shipping Co.

CMA CGM confirms that it has entered into exclusive discussions with Neptune Orient Lines Limited (NOL) and Lentor Investments Pte. Ltd. (a wholly-owned subsidiary of Temasek Holdings (Private) Limited), its controlling shareholder, with respect to a potential combination with NOL. The exclusivity period is expected to run until December 7th, 2015. Should these discussions lead to an agreement, such a combination would contribute to the consolidation of the container shipping industry, at a time when scale is more critical than ever. It would further reinforce CMA CGM as a global force in container shipping, leveraging the strong geographic and operational complementarity of both groups.

Neptune Orient Lines(NOL) confirmed that it is continuing in discussions with respect to a potential acquisition of the group as previously announced on Nov 7 on the local bourse, reports Business Times. This comes after the Singapore Exchange Securities Trading Limited (SGX-ST) queried about NOL's trading activity on Tuesday. On Nov. 7, NOL, which is 67% owned by Singaporean state-owned investment company Temasek Holdings, announced it was in "preliminary discussions" with the world's largest shipping company, A.P. Moeller-Maersk of Denmark, and No. Temasek Holdings said the same day it has "nothing to add" to NOL's statement. Earlier this month…

Neptune Orient Lines Ltd (NOL)  has officially confirmed that it is a takeover target of two separate companies: French shipping company CMA CGM and Danish conglomerate AP Moeller-Maersk. As per a report in the Business Times, NOL said in an announcement on Saturday evening that it was in preliminary talks with the two "with respect to a potential acquisition of NOL". "There is no assurance that any such discussions will result in any definitive agreement or transaction, or that any offer for NOL will be made or as to the terms on which any such offer might be made," it said. The firm has been looking for a buyer for months. NOL, controlled by Singapore’s state investor Temasek Holdings, has been struggling in a prolonged downturn in the global shipping market.