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Stock Offering

Northrop Grumman to Acquire Litton Industries for $5.1B

In a move which effectively creates a defense and marine naval construction giant, Northrop Grumman Corp. and Litton Industries jointly announced late last month that they have signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B Preferred share. The transaction is valued at approximately $5.1 billion, which includes the assumption of Litton's $1.3 billion in net debt. Litton is a leading supplier of advanced electronics and information systems to the U.S. government and international customers and is the premier designer and builder of non-nuclear surface combatant ships for U.S. and foreign navies. The company reported sales of $5.6 billion and net income of $218 million for the 2000 fiscal year ended July 31. Litton had $8.2 billion in fully funded backlog at the end of its first quarter, October 31, 2000. Kent Kresa, Northrop Grumman's chairman, president and chief executive officer said, "We are very pleased with our strategic acquisition of Litton, which we believe brings tremendous value to the shareholders, employees and customers of both companies. With projected combined pro forma revenues of more than $15 billion in 2001, growing to $18 billion by 2003, this acquisition solidly places Northrop Grumman among the world's top-tier defense companies and strengthens our commitment to systems integration


Northrop Grumman Announces Newport News Shipbuilding Exchange Ratio

Northrop Grumman Corporation announced in connection with its offer to acquire all of the outstanding shares (including associated preferred stock purchase rights) of Newport News Shipbuilding that the exchange ratio for the common stock of Newport News has been fixed at 0.7193. Accordingly, stockholders of Newport News who elect to receive solely Northrop Grumman common stock in the offer will receive approximately 0


Royal Caribbean Prices Public Offering

Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered, 10,000,000 shares are being sold by the company, and 800,000 shares are being sold by a selling shareholder. The company has granted to the underwriters of the offering an option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments


Crowley Settles Stockholder Lawsuit

Crowley Maritime Corporation reached a proposed settlement in the pending Franklin Balance Sheet Investment Fund v Crowley ("Franklin") litigation, a purported class action and derivative complaint filed in November 2004 against certain members of the board of directors and Crowley. The plaintiffs in that lawsuit have agreed to its dismissal if they and the other unaffiliated holders of Crowley common stock have the opportunity, through a tender offer, to sell their common stock for $2


Euroseas Ltd. Announces Public Offering

Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it is commencing a public offering of 5,000,000 shares of its common stock under the Company’s effective shelf registration statement. In addition, one of the Company’s shareholders will be offering 750,000 shares. Wachovia Securities and Oppenheimer & Co. will act as joint bookrunning managers


Costamare Announces Pricing of Common Stock Offering

Athens - Costamare Inc. announced that its offering of 7,500,000 shares of its common stock was priced at $14.10 per share. The gross proceeds from the offering before the underwriting discount and other offering expenses are expected to be approximately $105,750,000. Members of the Konstantakopoulos family, who in the aggregate own a majority of the common stock of the Company, have agreed to purchase 750,000 shares in the offering


Horizon Offshore Completes Private Placement of Stock

Horizon Offshore, Inc. recently completed a private placement of restricted shares of common stock with several accredited investors. The company issued 52,650,000 common shares at $0.38 per share raising $20,007,000 before deducting commissions and other expenses. The net proceeds from the private placement will be used for working capital and general corporate purposes. Energy Capital Solutions acted as the company's placement agent in connection with this private placement.


Dresser-Rand Prices IPO

Dresser-Rand Group Inc. has priced its initial public offering of 27,000,000 shares of common stock at $21.00 per share. All of the shares are being offered by Dresser-Rand Group Inc. The common stock will begin trading tomorrow on the New York Stock Exchange under the symbol "DRC." Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are serving as joint book-running managers of the offering. UBS Securities LLC is co-lead manager of the offering, and Bear, Stearns & Co


Maritrans Inc. Announces Tender Offer

Maritrans Inc. announced that its Board of Directors has approved the initiation of a modified "Dutch auction" tender offer by Maritrans to purchase up to 2,000,000 shares of its outstanding common stock at a price per share of not less than $11.00 per share nor in excess of $12.50 per share. The tender offer is expected to commence on Monday, December 17, 2001 and to expire, unless extended, at 5:00 P.M., New York City Time, on Friday, January 18, 2002.


Northrop Grumman Extends Offer

Northrop Grumman Corporation announced that it has extended its pending exchange offer for all outstanding shares of common stock, including associated rights, of Newport News Shipbuilding Inc. (NYSE: NNS) from Oct. 4, 2001, to Oct. 11, 2001, at midnight E.D.T. Approximately 6,948,883 shares of Newport News Shipbuilding common stock had been tendered to Northrop Grumman as of 5:00 p.m. E.D.T. on Oct. 4, 2001, including approximately 5,246


VIKING Extends Liferaft Exchange Program to Japan

Photo courtesy of VIKING

Leading marine and fire safety equipment and service provider, VIKING Life-Saving Equipment (VIKING) is stocking ready-packaged liferafts to provide fixed-price liferaft exchange to vessels calling Japanese ports. “The world of shipping is dominated by a small group of countries


Brent Oil Rises as Euro Gains Against Dollar

Brent oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone's top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0


Sino-Global Purchases First Tanker

  Sino-Global executives after the companys Nasdaq listing (photo courtesy of Sino-Global Shipping America)

  Sino-Global Shipping America, which was recently listed on Nasdaq, is becoming a shipowner.   The shipping agency, logistics and ship management services company today announced that it has signed a Letter of Intent to acquire a small oil/chemical tanker from Rong Yao International


Stolt-Nielsen Limited Contemplates New Bond Issue

  Stolt-Nielsen Limited is contemplating the issuance of new senior unsecured bonds in the Norwegian bond market with a minimum amount of NOK 700 million ($89 million). Proceeds will be used for general corporate purposes. The offering will be made to (i) Norwegian professional investors


Tenaga Hits Opposition to Port Operator Move

Tenaga Nasional Bhd , Malaysia's largest power group, hit an obstacle in its attempt to take over Integrax Bhd after a leading shareholder of the port operator rejected its offer on Monday. Perak Corporation Bhd, which holds 15.74 percent stake in Integrax


Fendercare to Equip New UK Navy OPVs

Fendercare Marine has signed a contract with BAE Systems Naval Ships for the provision of rudder blades, rudder stocks, sleeves/liners for rudder stock, anchors, chain and deck equipment for three new Offshore Patrol Vessels (OPVs) for the U.K. Royal Navy.   


Tenaga Raises Offer Price for Port Operator

Tenaga Nasional Bhd , Malaysia's largest power group, said on Wednesday it has raised the takeover price for Integrax Bhd by 18.2 percent after a leading shareholder of the port operator rejected its offer. Tenaga, which counts Malaysia's state investor Khazanah as a major shareholder


General Maritime to buy Navig8 Crude Tanker

General Maritime Corp, which operates crude oil tankers, will acquire Navig8 Crude Tankers Inc in a stock-for-stock deal, the two companies said in a statement.   A newly formed unit of General Maritime will acquire all of Navig8 Crude's common shares to form Gener8 Maritime Inc.  


Hercules Offshore Shares Fall 33%

  Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.   State-owned oil company Saudi Aramco terminated its contract for one of Hercules Offshore rigs on


ABG Shipyard Denies Sale to L&T

Image: ABG Shipyard

 ABG Shipyard Ltd has clarified with reference to the news item appearing in the Media on March10, 2015 titled "L&T in race to buy ABG Shipyard stake".   The Bombay Stock Exchange had sought clarification from ABG Shipyard Ltd with respect to news published in ET Now that


Ferguson Group Expands Malaysian Operations

Singapore Business Unit Manager Simon de Koning in the Ferguson Group Singapore Yard (Photo courtesy of the Ferguson Group)

The Ferguson Group Singapore, global provider of offshore DNV 2.7-1/EN12079 containers, tanks, baskets, reefers, workspace modules and accommodation solutions, is investing further in its Southeast Asia fleet.   Headquartered in Loyang Offshore Supply Base


Norchem Buys Odfjell SE B-shares

Photo: Odfjell

Norchem AS in Denmark, in which Laurence Odfjell, Chairman of the Board in Odfjell SE, has a controlling interest, has today acquired 1,121,287 Odfjell B-shares in Odfjell at NOK 18.85 per share, the company reported.   Following this transaction, Norchem AS owns 25,966,492 A-shares and 3


Asia LNG Prices Steady, Buyers Well-stocked

Asian spot liquefied natural gas (LNG) prices were steady on Friday, as end users remained mostly well-stocked and in no rush to buy, traders said.   The price of spot LNG for April delivery was unchanged on the week at $7.75 per million British thermal units (mmBtu)


Raytheon Anschütz Supplies INS to Chipolbrok

Multipurpose cargo vessel owned by Chipolbrok (Photo: Dietmar Hasenpusch)

Raytheon Anschütz supplied its Synapsis Integrated Navigation System (INS) to a series of four new 32,000 DWT MPP heavy-lift vessels being built at Shanghai Shipyard for the Chinese-Polish joint stock shipping company Chipolbrok.   


Vestas Inks Swedish 122 MW Wind Deal

Danish wind turbine manufacturer Vestas Wind Systems said on Friday it had received a 122 megawatt turbine order for a wind project in Sweden. The order was for 37 units of the V117-3.3 MW turbine for the Sorby Wind Farm project in Ljusdal, Vestas said in a stock exchange announcement.






 
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