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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

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

Shell, BG Merger Faces Roadblock

Image: Shell Global

 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.   

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.

GE In Talks To Buy Alstom's Power Arm


 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

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.

Buyers Reach Agreement on Imtech Takeover

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.

Record Low Interest in US GoM Leases

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.  

Bids for Greek Piraeus Port Sale Pushed Back

Greece has pushed back the date to submit binding bids for a majority stake in its biggest port Piraeus to Dec. 3, the head of its privatization agency said on Friday. China's Cosco Group, Danish container terminal operator APM Terminals and Philippines-based International Container Terminal

Nasdaq's Second Delisting Warning to Globus Maritime

Photo: Globus Maritime

 Nasdaq-listed Greek dry bulk shipowner Globus Maritime has received notification from Nasdaq indicating it is in breach of Nasdaq Global Market requirements because the closing bid price of the company’s common stock has been under $1 for the last 30 consecutive business days.  

Fugro Cut Costs on Market Downturn

Sales down 2.1 percent, order backlog falls 11 percent. Dutch marine services company Fugro said on Wednesday it would further cut costs and reduce the number of ships in its fleet in light of the continuing downturn in the oil market affecting its customers.

Japan to Bid on Aussie Sub Replacement Contract

Japan will join competitive bidding to sell Australia a fleet of stealth submarines, the government said on Monday, a move expected to require Tokyo to supply Canberra with classified data. The development comes as Prime Minister Shinzo Abe moves to strengthen security ties with ally the United

Ferry Firm DFDS Looks to Expand

Danish ferry and transportation firm DFDS is on the takeover trail, its chief executive said, after reporting its highest first-quarter operating profit on record and turning around its loss-making English Channel route. Earnings before interest, taxes

Shanghai Shipyard Won Bid for Two Survey Vessels

A Seismic Survey Vessel. Pic by China Oilfield Services Limited

 Shanghai Shipyard has won bids to build two multipurpose survey vessels for two geological survey institutes. The shipyard is an affiliate of China State Shipbuilding Corporation (CSSC).   Qingdao Marine Geological Survey Institute and Guangzhou Marine Geological Survey Institute have

Harim Acquires Pan Ocean

Photo: Pan Ocean

 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

Offshore O&G Lease Sale: Continued Interest in Deepwater

Photo: BOEM

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

A/S Trumf Bunker Joins KPI Bridge Oil Group

Carsten Ladekjaer (Photo: KPI Bridge Oil)

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 Receives Three Bids for Deep Sea Oil, Gas Drilling

Greece said on Tuesday it had received three bids for deep sea oil and gas drilling in western Greece and south of the island of Crete.   The bidders were not disclosed. The names of the bidders, and areas over which they had expressed an interest would be released after tender documents

Mexico to Postpone Deep Water Auction

  Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production contracts and adjust the terms of upcoming tenders after an inaugural oil auction failed to meet the government's modest

Russia Submits Vast Arctic Territory Claims to UN

Map by  National Snow and Ice Data Center

 Russia has submitted its bid for vast territories in the Arctic to the United Nations, AP reported as the Foreign Ministry saying.   The ministry said in a statement that Russia is claiming 1.2 million square kilometres (over 463

Greek Privatization Agency Sets Deadlines on Port, Railway Tenders

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.

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