DFDS Tor Lines Considers LISCO Buyout

Thursday, April 12, 2001
Danish DFDS Tor Lines is committed to considering a minority share buyout as part of the privatization of Lithuanian shipper LISCO, but did not specify a price. "In the sale and purchase contract with the government we have committed ourselves to consider offering a bid for the minority-owned shares," Peder Gellert-Pedersen, deputy director of DFDS Tor Lines, said.

The government is in talks with DFDS Tor Lines to sell roughly 75 percent of LISCO to the Danish firm. The government has said it expects DFDS to pay roughly 200 million litas ($50 million) for the stake and invest another 350 million litas into the company.

"For DFDS it would be a natural thing, but there's no commitment," Gellert-Pedersen added.

In the previous attempt to privatize LISCO, the bidder, the Dutch B.B. Bredo consortium -- of which DFDS was a part -- agreed to pay $1.187 for each of LISCO's roughly 40 million shares before the deal was derailed at the eleventh hour.

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