Hovert Investments Pte Ltd, a unit of Kuok (Singapore) Ltd, has made an unconditional offer for the shares of shipping company Pacific Carriers Ltd. Hovert accumulated a controlling stake of 56.56 percent on Friday, paying an offer price of S$1.25 per share for 152.7 million shares and an enhanced offer price of S$1.40 per share for 16.8 million shares at the close of business. Although the unconditional offer was at S$1.25 per share, Hovert paid $1.40 per share for the stake of shareholders "presumed to be acting in concert with the offerer" in its takeover bid for PCL.
Some of the hedge fund industry's most respected firms made bigger bets on a wide swatch of energy companies during the third quarter only to watch the stocks get pummeled by falling crude oil prices. Robert Citrone's Discovery Capital Management raised its holding in Texas oil driller Diamondback Energy by 20 percent to own 1.4 million shares at the end of the third quarter, according to a regulatory filing made with the Securities and Exchange Commission
Military ship and submarine builder Newport News Shipbuilding Inc. approved a $100 million share buyback program. The amount of the buyback is equivalent to nearly 6 percent of its shares outstanding based on current market prices. The buyback comes on top of previous share repurchases that have totaled 5.6 million shares since mid-1999.
Foreigners bought a net 58 billion won worth of shares listed on the main board, and local institutions sold a net 135b. Local retail investors bought a net 69 billion won, Reuters reported. Decliners outnumbered advancers by 455 to 318, with 82 titles ending unchanged. Trade volume stood at 268 million shares worth 5 trillion won, compared with 366 million shares worth 6.3 trillion won on Monday. Source: Reuters
Northrop Grumman Corporation has entered into a $500 million accelerated share repurchase (ASR) agreement with Credit Suisse First Boston (CSFB). Under the agreement, the company repurchased 9,066,183 shares of Northrop Grumman common stock from CSFB at a price per share of $55.15. CSFB plans to purchase an equivalent number of shares in the open market, and Northrop Grumman may receive or be required to remit a price adjustment based upon the volume weighted average price of Northrop
Overseas Shipholding Group completed its purchase of Maritrans. Each outstanding share of Maritrans' common stock was converted into the right to receive $37.50 a share in cash. Based on 12.0 million shares outstanding and the assumption of net debt outstanding as of Sept. 30, the transaction is valued at $471 million, the company said. The company financed the acquisition with borrowings under its revolving credit agreement and intends to repay up to $300 million of this amount from
Alexander & Baldwin, Inc. announced that its board of directors renewed an outstanding authorization for repurchase of its common shares. The new authorization, for up to 2 million shares through December 31, 2004, replaces an existing authorization that will expire on December 31, 2002.
Shipping tycoon John Fredriksen is aiming to take control of Oslo-listed Flex LNG following his purchase of 12.7 million shares that brought his stake in the firm to 43.3 percent, his firm Geveran said on Friday. "Geveran will make a mandatory offer for the remaining shares in Flex LNG within four weeks," Geveran said in a statement. Flex LNG is awaiting the delivery of two liquefied natural gas carriers due in 2017. (Reuters)
Danish DFDS Tor Lines is committed to considering a minority share buyout as part of the privatization of Lithuanian shipper LISCO, but did not specify a price. "In the sale and purchase contract with the government we have committed ourselves to consider offering a bid for the minority-owned shares," Peder Gellert-Pedersen, deputy director of DFDS Tor Lines, said. The government is in talks with DFDS Tor Lines to sell roughly 75 percent of LISCO to the Danish firm
Star Bulk entered into a definitive agreement with Excel Maritime Carriers Ltd., and as a result, will acquire 34 drybulk vessels for an aggregate of 29.917 million shares of common stock of Star Bulk and $288.39 million in cash. Star Bulk Carriers Corp. announced today that it has entered into definitive agreements with Excel Maritime Carriers Ltd. pursuant to which the company will acquire 34 secondhand operating drybulk carriers, consisting of six Capesize vessels
Q3 TRADING UPDATE - HIGHLIGHTS Good third quarter with sizable financial settlements on old projects Order book increased slightly to EUR 3.3 billion 2014 OUTLOOK Market conditions remain challenging Good second half-year expected
Scorpio Tankers Inc. announced today that it has declared a quarterly dividend of $0.12 per share, reflecting an increase of 20% over the previous quarterly dividend, has entered into an agreement to purchase two newbuilding LR2 product tankers
Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters. The record date is November 7, 2014 and the payment of dividend is expected to take place on or about November 21, 2014
Eagle Bulk Shipping Inc's shares shot up to as much as $15.46 from 68 cents as the company cut its borrowings by about 80 percent after converting debt into equity under a financial restructuring program. The stock was the top percentage gainer on the Nasdaq, with more than 14
EMAS Offshore boosts profile amongst international investment community by providing Asian platform for growth; Singapore public offer opens at 6.00 p.m. today and closes at 12.00 noon on 2 Oct 2014. EMAS Offshore Limited (“EMAS Offshore”
Bermuda-based Knightsbridge Tankers Limited announced that it has closed the first stage of its vessel acquisition transaction. Knightsbridge has issued 31 million shares in exchange for 11 Cape size bulk carrier newbuildings and two Newcastlemax newbuildings. knightsbridgetankers.com
Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion deal to expand its high-end luxury cruise offerings. Shares of Norwegian Cruise, the world's third-largest cruise operator
STEALTHGAS INC. a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, released today its unaudited financial and operating results for the second quarter and six months ended June 30, 2014. Second Quarter 2014 Results:
Revenues for the second quarter of 2014 were US$1,222 million compared to US$1,221 million in the first quarter of 2014, according to the company's financial report. Operating profit for the quarter was US$476 million compared to US$890 million in the preceding quarter
Highlights Knightsbridge reports net income of $6.3 million and earnings per share of $0.14 for the second quarter of 2014. Knightsbridge reports EBITDA of $10.5 million and EBITDA per share of $0.24 for the second quarter of 2014.
U.S. stocks ended little changed on Monday in a quiet session, as investors saw little reason to continue buying on Wall Street after a winning streak of six days of the S & P 500, although the activity mergers and acquisitions boosted the energy sector.
Scorpio Tankers Inc. gives details of its agreement to acquire some of its own common shares; to buy back stock; and also sets out a fleet update. Scorpio Tankers Inc. says it has entered into an agreement to purchase from an existing shareholder 7,500
Oman's Al Batinah Power Co and Al Suwadi Power Co, which launched twin initial public share offers on Sunday and are owned by the same consortium, will double their profits from 2014 to 2018 as they pay off start-up costs, a top executive said.
First Quarter 2014 Results The Company reports net income of $10.7 million and earnings per share of $0.35 for the first quarter compared with net income of $3.5 million and earnings per share of $0.12 for the preceding quarter. Net income in the first quarter includes $9
Knightsbridge Tankers Limited and Frontline 2012 Ltd. have announced an agreement to combine Frontline 2012's remaining fleet of 25 fuel efficient vessels with Knightsbridge. The newbuildings have expected deliveries between September 2014 and September 2016, with five vessels delivering in 2014