On Tuesday, Bloomberg reported that Temasek Holdings may be prepared to walk away from a bid for control of Keppel Corporation Limited (SGX: B4). The news comes as Keppel continues to struggle amid a sharp oil and gas downturn that has decimated key players and caused oil prices to spiral down to a 21-year low. The collapse in demand due to the COVID-19 pandemic has led to an oil glut that is between two to four times larger than that of the last oil crash in 2015-2016. For investors who are holding out for Temasek to buy over part of their shares at a premium, this news should come as an unwelcome surprise. Investors may have assumed that the transaction was a done deal given Temasek’s deep pockets. After all, it was Temasek who bailed out Singapore Airlines Limited (SGX: C6L) after the pandemic brought the airline to its knees. And it was again Temasek who proposed a demerger and recapitalisation exercise for both...