Water purifying chemicals business Ixom looks set to stay in Keppel’s stable.
Every year a bunch of sale talks supposed to come to a head in the days and weeks before Christmas fail to survive come the new year.
Mark Keppel Corporation’s Australia/New Zealand chemicals business Ixom is a casualty of the 2022 break, with seller and buyers putting pens down in December and failing to pick them up in the new year.Daniel Pockett, Keppel was homing in on a deal with bulk liquids storage business Quantem and ASX-listed Viva Energy.
However, the two couldn’t agree on price; conditions changed markedly through the action, and for one reason or another, Keppel couldn’t secure its $2 billion-plus target. Sources said the two camps had gone their own ways, and Keppel had privately vowed to retain Ixom. It’s yet to make any disclosure to the SGX.Street Talk expects it’ll be one of those assets that will be a perennial feature in infrastructure and industrials bankers’ pitchbooks, waiting for a strategic or financial buyer willing to pay what’s been deemed an above-market price. It’ll be snapped up at some stage.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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