Norway's competition authorities have rejected the application for Keppel Corp's associate company Floatel International to merge with Oslo-listed Prosafe to create the world's largest offshore accommodation firm.
Fels Offshore, a unit of Keppel's Offshore & Marine arm, owns a 49.92 per cent stake in Floatel.
In an exchange filing yesterday, Keppel said Floatel and Prosafe are assessing whether to appeal against the decision. It said the deal is not expected to have a material impact on the net tangible assets or earnings per share of the group for the current financial year.
Under the proposed deal, Prosafe was to acquire all of Floatel's outstanding shares and warrants in exchange for new Prosafe shares that will give Floatel's shareholders a 45 per cent stake in the merged entity.
Fels Offshore's resultant shareholding in the post-merger Prosafe will be about 22 per cent.
The two firms own semi-submersible vessels.
Standard Chartered Bank
HONG KONG • Standard Chartered Bank reported yesterday that third-quarter profit rose to a better-than-expected 16 per cent, as a surge in business from corporate clients helped the bank weather global trade tensions and unrest in its core market of Hong Kong.
The bank's pre-tax profit for the three months ended Sept 30 increased to US$1.24 billion (S$1.7 billion) from US$1.07 billion in the same period a year ago, above the US$1 billion average of analysts' forecasts.The bank's corporate and institutional banking income grew 13 per cent during the quarter, while private banking rose 14 per cent, it said, adding that its core capital ratio remained within the target range at 13.5 per cent.
ZURICH • Credit Suisse said yesterday that its net profit soared 108 per cent in the third quarter year-on-year to 881 million Swiss francs (S$1.2 billion) despite a "challenging environment". Net revenue swelled 9 per cent to 5.3 billion Swiss francs, it said.
During the three-month period, Credit Suisse's investment bank unit suffered a pre-tax loss of 15 million Swiss francs, compared with a profit of 70 million Swiss francs a year earlier, as the sector was "impacted by continued challenging market conditions".
But that loss was offset by strong growth in the bank's international wealth management division, which saw its pre-tax income balloon by 43 per cent to 539 million Swiss francs.