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 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 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
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
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.
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.
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.
Ferry and transport group Holyman Ltd. will recommend a revised 65 cents a share cash takeover offer from Adsteam Marine Ltd. in the absence of a higher offer. Earlier, Adsteam Marine lifted its hostile bid for Holyman to 65 cents per share from 52 cents. The new offer tops a rival bid from stevedore company Lang Corp Ltd., which has a 61 cent per share offer on the table. However, managing director James Bryant said shareholders need be in no hurry to accept and should await details of Lang
TotalFina Chairman Thierry Desmarest said that relations with rival Elf Aquitaine had entered a more relaxed phase and said he would seek a friendly end to their takeover fight in the coming weeks. "The atmosphere has become more relaxed over the past week," Desmarest said. "What we still have to do better is to try to pass from this phase of offers and counter-offers to the friendly solution we will try to negotiate in the coming weeks."
A rare hostile takeover defense that emerged last week in Europe took root in the U.S. in the 1980s, but has mostly been replaced by other tactics used by companies seeking to fend off unwelcome bidders.
This press release is issued by Royal Boskalis Westminster N.V. (Boskalis) and Dockwise Ltd. (Dockwise) pursuant to the provisions of Article 5-12 of the Norwegian Securities Trading Act (Verdipapirhandelloven), Article 5:25i paragraph 2 of the Dutch Act on Financial Supervision (Wet op het
CNOOC, China's largest offshore oil and natural gas producer, barred from outright opeation of recently acquired Gulf of Mexico oilfields. The oilfields were acquired by CNOOC through its US$15-billion takeover of Canadian firm Nexen. The state-owned oil giant's purchase of Nexen includes
Dockwise publish audited annual accounts for 2012, having earlier published an unaudited version. The unaudited 2012 results were first disclosed as part of the publication by Dockwise of the Q4 2012 results on 13 February 2013. Performance highlights: Revenues USD 539 million
Western Gulf of Mexico Lease Sale Yields $133.8 Million in High Bids on Over 652,520 Acres, Only Latest in a Series of Recent Major Offshore Oil and Gas Sales. As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy
Transportation company Ultrapetrol (Bahamas) Ltd. regains compliance with the Nasdaq $1.00 per share minimum bid price requirement. Ultrapetrol is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses
Greece's NewLead Holdings Ltd. receives NASDAQ notification letter regarding minimum bid price requirement. NewLead Holdings Ltd announce they have received a written notification from the NASDAQ Stock Market LLC ("NASDAQ") indicating that they are not in compliance with the NASDAQ
FreeSeas Inc. (Nasdaq:FREE), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced that the Company received letters dated June 21, 2012 and June 25, 2012 from The Nasdaq Stock Market stating that for the previous 30
Fincantieri SpA, the Italian state-controlled shipbuilder, is among final bidders for a stake in STX OSV Holdings Ltd., the world’s largest maker of offshore support vessels, said two people with knowledge of the matter. An investment fund also made an offer, one person said
Tognum gets approval to take over genset maker Aggretech, to be renamed MTU Onsite Energy Systems Specialist manufacturer of propulsion and power systems, Tognum, has received the approval of the competition authorities for the takeover of the Bavarian manufacturer of power generator sets
The Department of the Interior’s Bureau of Ocean Energy Management announced that its Western Gulf of Mexico Oil and Gas Lease Sale 218, held today in New Orleans, attracted $337,688,341 in high bids and included 20 companies submitting 241 bids on 191 tracts comprising over a million acres
Ship Agency Cambiaso&Risso has taken over Carlo Sciaccaluga srl, the historic ship agency established in 1903 as a forwarding agent in Genoa port and now boasting a solid reputation in the food industry, vegetable oils and chemical sector (particularly Biodiesel)
According to a report on CanadianBusiness.com, SNC-Lavalin formed a joint venture with prospective new buyers of Davie Yards in order to bid on federal shipbuilding contracts. Davie has been in creditor protection since February 2010, according to the site
The Maritime Administration (MARAD) is now accepting bids on the ALAKAI and HUAKAI, two fast ferry vessels that were previously owned by Hawaii Superferry LLC. Financing needed to construct the vessels was guaranteed, in part, by the Title XI Loan Guarantee Program and MARAD has obtained
According to a report from The Chronicle Herald, the week before last Nova Scotia unveiled a plan to lobby Ottawa on behalf of Irving Shipbuilding Inc.’s Halifax Shipyard, all in a bid to win a $35b contract to build 20 navy ships over 30 years
According to a Sept. 28 report from Bloomberg, Tanzania will open its fourth bidding round for deep offshore drilling in April 2011, making areas in the Indian Ocean available for oil and gas exploration. The round will include 13 blocks with depths of 1,200 to 3,000 meters