FA: Let's say IÆm a shareholder in Keppel Capital. Why should I accept your offer?
Matten: Keppel Capital Holdings (KCH) is worth more to us than it is to the existing shareholders for the simple reason that it's small. It's a nicely-run little bank with a good SME franchise and good consumer franchise. What we are able to do by integrating it with our own organization is realize some synergies. We are saying that one plus one is more than two. What we have put on the table is an offer that takes that 'more than two' and offers some of it to Keppel Capital Holdings shareholders and keeps some for our shareholders, so that both sets of people clearly benefit. It's a clear win-win proposition in a market consolidation play.
