There have not been many mega mergers and acquisitions in the Singapore corporate scene. A recent one saw the merger of two Mapletree REITs, Mapletree Commercial Trust and Mapletree North Asia Commercial Trust, in a S$4.2 billion transaction to form an enlarged Mapletree Pan Asia Commercial Trust (SGX: N2IU). The other major transaction is that of the union of Sembcorp Marine Ltd (SGX: S51), or SMM, with the offshore and marine (O&M) division of Keppel Corporation Limited (SGX: BN4). First announced back in April 2022, the original S$9.4 billion planned mega-merger has undergone a revision and morphed into an acquisition, instead. Last month, SMM finally received overwhelming support from its shareholders to seal this acquisition and accelerate its transformation into a premier oil and gas player. Meanwhile, the group has also announced a “bottom-up” strategic review to return to profitability and deliver on its huge order book. The question is, can investors finally see the marine giant...