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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

Newport News Selects Paramarine Design Software

QinetiQ’s Paramarine Ship and Submersible Design Software has been selected by Newport News Shipbuilding (NSS) as its primary naval architectural software. QinetiQ

VOSTA LMG Secures Order From Boskalis

VOSTA LMG has been awarded an order for efficient dredge ball joints from maritime services company Royal Boskalis Westminster. The order consists of a series

Finance

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Statoil, DNV GL Drive Subsea Factory Interface Standardization

Statoil has entered into an agreement with DNV GL to establish an industrial cooperation to introduce an international industry standard for subsea process technology.

Halliburton to Settle US Gulf Spill Claims for $1.1b

Halliburton Co said it reached a $1.1 billion settlement for a majority of claims against the company for its role in the BP oil spill in the Gulf of Mexico in 2010.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1160 sec (9 req/sec)