Quite a few readers have reached out and asked that we do a piece on the Sembcorp Industries and Sembcorp Marine Demerger. It’s a very interesting deal, so I was happy to oblige. It’s the fourth big Temasek deal in a few years – First was the CapitaLand-Ascendas deal, then Keppel Corp, then SIA’s recapitalisation, and now Sembcorp Industries – Sembcorp Marine. So Temasek has been really active these few years. Basics: Sembcorp Marine Demerger from Sembcorp Industries The demerger deal is quite technical, but hey, that’s what Financial Horse is here for right? Anyway, I’ll cut through all the mumbo-jumbo so you guys don’t need to read all the legal speak. Before This is the structure of Sembcorp Industries – Sembcorp Marine before the deal (ie. right now):...