P&O Nedlloyd to Become Independent and Listed

Monday, February 02, 2004
P&O and Royal Nedlloyd N.V. ("Nedlloyd") announce that agreement has been reached for Nedlloyd to acquire P&O's 50% interest in P&O Nedlloyd Container Line Limited ("PONL"). Nedlloyd will be renamed Royal P&O Nedlloyd N.V. ("Royal P&O Nedlloyd") upon completion of the transaction. As consideration, P&O will receive approximately EUR215 million (GBP147 million) cash and a 25% interest in Royal P&O Nedlloyd post completion of the rights issue referred to below. The total consideration has a value of approximately EUR485 million (GBP331 million), based on Royal Nedlloyd's share price at closing of business on 30 January 2004. P&O has agreed to retain its 25% equity stake in Royal P&O Nedlloyd for a minimum of six months following the transaction. Nedlloyd proposes to fund the cash consideration from an approximately EUR190 million rights issue with the balance being paid from existing cash resources. The rights issue is fully underwritten by a syndicate of banks subject to, amongst other conditions, satisfactory completion of due diligence. The transaction is subject to approval by Nedlloyd's and P&O's shareholders, completion of the rights issue, regulatory approvals and admission of the rights issue shares and the shares that are to be issued to P&O for listing on Euronext Amsterdam. It remains the intention of Nedlloyd to dispose of its 50% interest in Martinair as previously indicated to the market.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

UK North Sea Workers Give "Overwhelming" Support for Strike

Trade unions Unite and GMB said members working offshore in Britain's North Sea oil and gas industry had shown overwhelming support for industrial action in a consultative

Two ASD Tugs Delivered to URAG

URAG has taken delivery of two ASD 2411 Tugs to add to its existing fleet. Named Brake and Perfect, the new vessels have joined their sister ship Prompt in the

New Workwear Lifejacket Introduced

Ocean Safety has introduced a new range of workwear lifejackets.   The new Kru Workwear range completes Ocean Safety’s lifejacket offering, providing a wide choice

Finance

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Turkey Maritime Sector Alive & Kicking

Located on the periphery of two great continents, Turkey has benefitted from being in a favored position right at the center of an assertive and fast growing economic area.

Advanced Drillships a Burden for Owners as Business Slows

Not so long ago, advanced drillships costing more than half a billion dollars each and capable of operating in ever-deeper waters practically guaranteed big profits for oil-rig operators.

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.1029 sec (10 req/sec)