BV to Acquire Majority Shareholding in Germanischer Lloyd

Bureau Veritas has made an offer to all Germanischer Lloyd shareholders to acquire their shares. Once completed, the proposed alliance will create the global leader in ship classification. The worldwide headquarters of the new division combining Germanischer Lloyd and Bureau Veritas marine activities will be based in Hamburg. The Bureau Veritas offer results from various discussions held with major shareholders of Germanischer Lloyd in the past, and from independent market analysis that shows the economic potential of a combined Germanischer Lloyd and Bureau Veritas. The offer was handed over on November 9, 2006, to Germanischer Lloyd shareholders. The combined marine divisions of Bureau Veritas and Germanischer Lloyd would have over 13,000 vessels in class around the world, and a market share of 16 per cent in tonnage and 26 per cent in number of vessels. The planned alliance would become the world’s number one market operator in terms of the numbers of classified vessels, orders in hand, and turnover. The new marine division combining Bureau Veritas and Germanischer Lloyd marine activities would be managed from Hamburg, where its worldwide headquarters would be located, and where Bureau Veritas has had a presence since 1850.