When it comes to ensuring that Temasek Holdings’ portfolio companies continue to survive and thrive, the state investment fund usually has its way through intervention.

This included the $15 billion rescue package of Singapore Airlines earlier this year to keep the national flag carrier afloat. The intervention also included the recapitalisation of Sembcorp Marine (SembMarine) via a rights issue and the demerger of SembMarine from Sembcorp Industries, which were approved overwhelmingly by shareholders on Aug 11.

However, Temasek’s move to acquire a larger control of Keppel Corp — in the aim of potentially restructuring the conglomerate — has not gone its way.

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