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.
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
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.
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
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.
The Australian Competition and Consumer Commission (ACCC) has raised concerns that Royal Dutch Shell's proposed $70 billion takeover of BG Group may lessen gas supply competition in eastern Australia and delayed a final decision on the bid to November. The competition watchdog said, after preliminary investigations, the proposed takeover could damage the interests of east coast and Queensland gas users and force up prices.
French carrier CMA CGM, which has announced its bid to acquire Neptune Orient Lines for S$3.4bn ($2.4bn) in cash, is slowly building a stake in Neptune Orient Lines (NOL) for less than the price per share it has offered in a planned takeover deal.
French liner giant CMA CGM has acquired last week a total of 2.26 million shares in Neptune Orient Lines (NOL), six months before it is scheduled to make good its S$3.4 billion takeover bid for the Singapore-listed liner, reports Business Times.
French container shipping group CMA CGM bought an additional 2.4 million shares in takeover target Neptune Orient Lines (NOL) from the open market on Thursday at $1.235 and $1.24 per share, says a report in the Business Times.
Norfolk Southern Railway has announced disappointing financial results, and a cost-cutting plan that could eliminate two thousand jobs over the next four years. Norfolk has assured shareholders that despite weak carload volume and tumbling intermodal traffic producing a double-digit
South Korean poultry processor Harim Corp. is set to wrap up its purchase of troubled dry bulk carrier Pan Ocean Co. after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier. Harim, partnering with JKL Partners
The Bureau of Ocean Energy Management (BOEM) completed its required evaluation of bids to ensure that the public receives fair market value for tracts leased as part of the Gulf of Mexico Central Planning Area Oil and Gas Lease Sale 235. The sale held on March 18, 2015, made 7
KPI Bridge Oil, a global broker and trader in marine bunkers, marine lubricants and risk management products, has announced the take over of A/S Trumf Bunker. A/S Trumf Bunker in Denmark becomes a full member of the KPI Bridge Oil Group as of July 1
Greece's privatizations agency on Thursday announced deadlines for bids on tenders for the country's two largest ports and state railways TRAINOSE, assets Athens has agreed to sell as part of a new three-year bailout by its international lenders.
Pon Holdings and Parcom Capital announced they have agreed to buy Imtech Marine, the marine division of Dutch engineering services company Royal Imtech who has been declared bankrupt. No monetary figures have been shared. The final details of the takeover are yet to be worked out.
A U.S. government sale of oil and gas drilling leases in the western Gulf of Mexico attracted the lowest number of bids on record on Wednesday as slumping oil prices kept producers from plowing money into expensive offshore prospects.
France’s CMA CGM has approached banks to finance its potential takeover bid for Singapore’s Neptune Orient Lines Ltd (NOL), reports Bloomberg. The world’s No. 3 container shipping company is in talks with banks including BNP Paribas SA
The European Commission has approved the takeover of troubled France-Corsica ferry operator SNCM by Corsican entrepreneur Patrick Rocca, according to a letter seen by Reuters on Tuesday. In the letter dated Nov. 27 to French junior transport minister Alain Vidalies
CMA CGM SA has bought about 3.68 million shares of Singapore-based Neptune Orient Lines (NOL) on the open market at S$1.22 per share. The shares purchased make up 0.14 per cent of NOL's issued share capital, reports Straits Times.
As the pushed back the date - the Dec. 21 deadline - for the submission of binding bids for the sale of its biggest port Piraeus (OLP) approaches, the pace is picking up with binding bids, reports WSJ. Three of the world’s biggest port operators expected to submit their
CMB and Saverco announce that on December 21, 2015, at the closing of the acceptance period of the reopening as a simplified squeeze-out of the voluntary public takeover bid in cash made on CMB by Saverco, a total of 1,270,753 shares were tendered into the simplified squeeze-out bid