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 Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective

Clarksons PLC Perform Strongly in 1H 2014

Leading shipping services group, Clarksons PLC reports strong strong financial performance in the first half of 2014. Financial Results Clarksons increased revenues by 25% to £111.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0759 sec (13 req/sec)