Kvaerner Says It Won't Raise Takeover Bid

Friday, September 29, 2000
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.

Maritime Today


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

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

A Year is a Long Time in Tankers

The latest Gibson Market Report focused on the age profile of the VLCC fleet and the prospects for trading life beyond 15 years of age.    Analysis of the Suezmax fleet shows a similar picture,

Diana Charters Out Two Bulkers

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels,

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators 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: 0.0478 sec (21 req/sec)