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Takeover Bid

Kvaerner Says It Won't Raise Takeover Bid

Anglo-Norwegian industry group Kvaerner said on Friday that it would not raise or extend its $725 million takeover bid for oil and gas services firm Aker Maritime Kvaerner's offer of 0.79 new Kvaerner shares for each Aker Maritime share expires today, at the close of the Oslo bourse. Aker Maritime has rejected the bid as too low. Kvaerner chairman Christian Bjelland reportedly told shareholders at a meeting today that the company's bid remained unchanged. The company had called the meeting for shareholders to vote over a controversial proposal to lower the threshold for mandatory offers to 30 percent from 40. A majority supported a lower threshold, company officials said after the meeting. The vote prevents majority owner Aker Maritime from raising its stake without bidding for the rest of Kvaerner.


NCL Retains Financial Advisers

NCL Holding ASA appointed Orkla Finans and Morgan Stanley as financial advisers following a takeover bid from Carnival Corp. Carnival, the world's largest cruise operator, has offered 30 Norwegian crowns per share for NCL, the fourth biggest operator. Miami-based NCL has rejected the bid as too low and has hinted that rival bids might be in the pipeline.


NCL Turns Down Carnival's $1.7B Takeover Bid

NCL Holding ASA flatly rejected a 30 crown ($3.72) per share takeover offer from Carnival Corp, saying it undervalued the group's potential. NCL officials said it would be a waste of time to even meet Carnival given the offered price. Carnival, the world's largest cruise operator, whose lines include Cunard and Holland America, launched the surprise bid for NCL, the fourth largest operator, on Dec. 1. The bid values NCL at $884 million


Frontline Wins Two-Year Fight For Control Of ICB

A two-year battle for Swedish tanker company ICB Shipping ended Sept. 23 in victory for Norway's Frontline - but only after four of 12 ICB tankers are sold to a new group set up by key ICB players. An agreement between Frontline, ICB and ICB's main shareholder, Greek shipowner John Angelicoussis, values ICB at about $600 million and ends a stalemate over ownership involving several legal wrangles. Bermuda-registered Frontline launched a hostile takeover bid for ICB in September 1997 with the


GE In Talks To Buy Alstom's Power Arm

Logo

 U.S. industrial conglomerate General Electric Co is in advanced talks to buy the global power division of struggling French engineering group Alstom SA for about $13 billion, sources familiar with the matter said on Friday. Sources said a deal was backed by Alstom's main shareholder, French conglomerate Bouygues with 29 percent, and could be announced in the coming days after an Alstom board meeting on Friday afternoon


ROC Chairman Retires

Mike Harding

Mike Harding has resigned from the ROC Board of the Company with immediate effect from today. An Independent Non-executive Director since June 2012, Mr Harding was elected Chairman of ROC in December 2013. The Board of ROC thanks Mr Harding for his leadership and invaluable contribution to the Company as a Director and particularly as Chairman, especially through the demanding period of the last 12 months. During this time Mr Harding has presided over the proposed merger of ROC with


NCL Shares Down

Shares in Norwegian cruise operator NCL Holding ASA fell six percent early Wednesday after Singapore's Star Cruises bought a 20.6 percent stake but said it did not plan to bid for the entire company. NCL, which is currently the target of a hostile takeover from U.S. cruise giant Carnival Corp., said it had asked to meet Star to discuss possible options.


Northrop Grumman Extends NNS Tender Offer

U.S. defense contractor Northrop Grumman Corp. on Thursday said it has extended its tender offer for the outstanding shares of Newport News Shipbuilding, after the Justice Department requested additional information about the takeover. Los Angeles-based Northrop said it extended its tender offer for Newport News, to July 5 at midnight EDT from the previous June 20 deadline. About 861,000 shares of Newport News common stock had been tendered as of midnight June 20, Northrop said.


Portuguese Dredger Sold

Dutch Koninklijke Boskalis Westminster NV bought fellow dredger Dragapor from the Portuguese government. The unit, which was put up for sale in December, will be merged with Boskalis' local subsidiary Sociedade Portuguesa de Dragagens Lda. No financial details of the deal were disclosed. Dragapor has about 20 employees and a fleet consisting of two dredgers, some barges, a cutter suction dredger, a hopper dredger and a lift barge.


Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle. Swiss pump maker Sulzer, in which Renova Group has a 33 percent stake, said this week it was in non-exclusive talks with compressor and turbine maker Dresser-Rand, and media reported on Friday Germany's Siemens was also considering a bid.


Rio Tinto rejects Glencore Merger

Glencore approached Rio Tinto about a merger in July. A tie-up would have created the world's biggest miner. No further talks with Glencore after rejecting bid-Rio. Rio Tinto rejected a merger approach from smaller rival Glencore Plc to create a $160 billion mining and trading giant in August


Hurtigruten Shares at 6-yr High After Bid

Norway's Hurtigruten, which operates scenic cruise lines along the country's fjords and into the Arctic, has agreed to a takeover offer from a group led by several board members, driving its shares to six-year highs. Hurtigruten said on Wednesday it was recommending an offer of 7 crowns per


Boskalis Takes a Stake in Fugro

European stocks inched higher on Monday as acquisition hopes fuelled gains for oil services firms after Dutch group Boskalis took a stake in Fugro. Fugro jumped 44 percent after sector peer Boskalis bought about 15 percent of its shares, which have lost more than half of their value since June


New Company Takes Over OW Tanker

OW Scandinavia (Photo: OW Tanker)

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.   Henrik Pedersen said the takeover by Alba Tanker ApS, which has the trustees of the bankrupt company on its board


Asset Deal: Palfinger Dreggen and MCT Engineering

Palfinger Dreggen finalized the agreement for purchase of the assets in connection with the marine and offshore cranes product areas of the Korean crane manufacturer MCT Engineering Co., Ltd. The acquisition follows Palfinger Marine’s takeover of the Norwegian offshore crane manufacturer and


Gulf of Mexico Lease Sale Yields $102.4 Million in High Bids

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, the Department of the Interior’s Bureau of Ocean Energy Management today held Western Gulf of Mexico Lease Sale 233, which offered 20


BOEM Takes Bids for GoM Lease Sale

On Wednesday, March 19, 2014, Secretary of the Interior Sally Jewell will announce the results of Gulf of Mexico Lease Sales 231 and 225, which are offering more than 40 million acres for oil and gas exploration and development offshore Louisiana, Mississippi and Alabama


Merkel Says Siemens-Alstom Is Above All Corporate Decision

Chancellor Angela Merkel

  Chancellor Angela Merkel said on Saturday that the German government would positively accompany a tie-up between Siemens and Alstom but said that any link would be first and foremost a corporate decision. Speaking at a news conference with French President Francois Hollande in


Siemens Asks Alstom For More Info

 French Economy Minister Arnaud Montebourg

  Germany's Siemens wrote to Alstom on Tuesday asking for more information ahead of a likely offer for the French company's power business, French Economy Minister Arnaud Montebourg said. Alstom is already in talks with U.S. conglomerate General Electric over a 12


GE CEO Immelt: Expects to Close Alstom Deal

General Electric Co Chief Executive Jeff Immelt

General Electric Co Chief Executive Jeff Immelt said on Wednesday that GE is still going to "work constructively" with the French government on its bid for the power business of Alstom and that he expects the deal to close. GE has encountered resistance to its $16


France Expects Better GE Offer For Alstom

French Finance Minister Michel Sapin

  France expects General Electric to boost its bid for Alstom's power unit in response to a potential joint offer from Siemens and Mitsubishi Heavy Industries, Finance Minister Michel Sapin said on Sunday. Siemens and Mitsubishi are putting the finishing touches on an offer for


Turkey Ferry Auction Attracts Multiple Bids

Private equity firm KKR & Co LP has attracted binding bids from Danish shipping company DFDS A/S and an alliance of PE players Esas Holding AS and Actera Partners LP for its Turkish ferry unit, Bloomberg reported on Wednesday, citing sources.


ROC Propose to Acquire All ROC Shares

ROC Chairman, Mike Harding

  The ROC Board announced today that it has entered into a Bid Implementation Agreement (BIA) under which it is proposed that Fosun International Limited or a subsidiary of it (Fosun) will acquire all of the ROC shares currently on issue for A$0


Hapag-Lloyd Operating Profit Down on Lower Freight Rates

Containership loading: Photo Hapag-Lloyd

Germany's Hapag-Lloyd's said it expected operating profit to drop considerably this year after tough competition in container shipping dragged freight rates lower in the second quarter. The company, partly owned by TUI AG, posted a second-quarter operating loss of 73.7 million euros ($98


ROC's Largest Shareholder Supports FOSUN Offer

ROCs Chairman Mike Harding

Transcendent Resources Limited (Fosun), a wholly-owned subsidiary of Fosun International Limited and Roc Oil Company Limited, are pleased to announce that Fosun has received acceptance instructions from Allan Gray Australia Pty Ltd (18.9%) in respect of the off-market takeover bid by Fosun to






 
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