Oslo Companies Are Ripe For Picking

Friday, December 10, 1999
Many Norwegian companies remain under-priced and are likely targets for foreign predators, analysts said. Despite gains in the Total index to peaks this week at around 1,300 points -- the highest so far this year -- analysts said Norwegian companies remain cheap and are natural prey for foreign bidders. "There are still crown jewels on the Oslo bourse, especially in the industrial sector," said Morten Stundstoe, chief analyst in Fondspartner. "The Oslo bourse is 10 to 15 percent under the level we believe is fair value," said another analyst. Foreign interest in Norwegian firms has picked up recently. Last Monday, Swedish constructor NCC launched a bid for Selmer. On Friday, Swedish-Finnish MeritaNordbanken extended a 24.3-billion-crown offer for Christiania Bank, while the world's largest cruise operator, Carnival Corp., tried unsuccessfully to woo shareholders at NCL Holding. Others said the offshore sector was also lowly priced and attractive to potential bidders. "There are many who will consolidate further and in the offshore industry we have only seen the beginning," said Stundstoe. "But the biggest (takeovers) will not come before next year," he said. Offshore supply companies Navis and Ocean Rig and services firm Smedvig might attract bidders, analysts said. "Norwegian companies are to a large extent specialists in their own fields. It is difficult to find many synergies between them, which again contributes to the likelihood that they will be victims of international consolidation," said one analyst. That analyst said that among the larger oil-related stocks, Petroleum Geo-Services was continually included in rumors that American giant Halliburton wanted to buy the group. - (Reuters)

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Idling Fleet Continues to Surge

Owners are rapidly laying up containerships as the market slows. The size of the idle fleet will get bigger while rates and profits slide, says Drewry Shipping Consultants Limited.

Egypt to Complete East Port Said Side Channel in 2016

Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016,

Concordia Maritime Charters MR Tanker

Concordia Maritime has signed a contract for the charter of an IMO2/3 class MR tanker, the company announced today. The vessel will be chartered jointly with Stena Weco,


DP World, SCA Pact for Ain Sokhna Port Development

Suez Canal Authority (SCA) and the Red Sea Ports Authority signed an agreement with Dubai Ports World (DP World) and Sonker Bunkering Company for the development of Egypt’s Ain Sokhna seaport,

Canada to Aid Developing Nations Fight Climate Change

Canada will provide aid to developing countries to combat climate change, Prime Minister Justin Trudeau announced on Friday ahead of talks on global warming,

Gates to Launch Mega Clean Tech Initiative

Microsoft co-founder Bill Gates will launch a multi-billion-dollar clean energy research and development initiative on Monday, the opening day of the U.N. climate change summit in Paris,

Maritime Contracts Maritime Standards Navigation Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0586 sec (17 req/sec)