Aker Takes Major Stake In Kvaerner

Wednesday, July 12, 2000
Aker Maritime has acquired control of about one fourth of Kvaerner for a reported $350 million (3 billion crowns). The purchase made the industrial holding firm, a group of companies operating in more than 20 countries with no previous Kvaerner ownership, the biggest shareholder in Kvaerner. "Aker Maritime ASA has today bought rights issues, shares and options in Kvaerner ASA which together amount to 26.39 percent of the company after the ongoing rights issue," Aker Maritime said in statement to the Oslo bourse.

Kvaerner, which core activities include oil and gas, engineering and construction, announced in May a 2.5 billion crowns rights issue to exploit opportunities for growth and development. The subscription period ended on Wednesday.

"Aker Maritime sees many interesting opportunities in Kvaerner and wishes through its ownership to contribute to further development in Norway and internationally," Aker Maritime said.

Kvaerner Chief Executive Kjell Almskog gave Aker Maritime a cautious welcome. "We shall be establishing a dialogue with Aker Maritime and its main shareholder Kjell Inge Roekke," he said in a statement. "If, and to the extent that out new shareholder supports Kvaerner's further positive industrial development -- to the benefit of all shareholders -- this is a move that we welcome," Almskog said.

Aker Maritime said it had bought 14,302,481 A-shares, 6,368,469 B-shares, 3,280,948 rights issues in A-shares and 406,925 rights issues in B-shares.

Most of the stake was bought from shipping firm Bergesen, with the remaining purchased in the open market.

Maritime Today


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

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

Finance

Baltic Index Pauses at Record Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, ended flat on Thursday after declining for 12 straight sessions

Long Beach Sees Robust Container Growth

The Port of Long Beach kicked off 2016 by logging its seventh straight month of cargo increases, showing a 24.8 percent jump in container shipments over the same month last year.

Maersk Drilling Posts Record Profit

Maersk Drilling delivered the best result ever with a profit of USD 751m (USD 478m) in 2015 generating a ROIC of 9.3% (7.1%). The result was positively impacted

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Repair Ship Simulators 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: 0.0580 sec (17 req/sec)