Kvaerner Makes A Play For Aker Maritime

Monday, August 07, 2000
The Scandinavian drama between Kvaerner and Aker Maritime has escalated a notch, with Kvaerner making a bid to acquire Aker Maritime, a bid which was summarily classified as "too low."

"Aker RGI believes that the bid does not reflect the values in Aker Maritime," the company said in a statement. Aker RGI, owned by Norwegian billionaire Kjell Inge Roekke, owns 63 percent of Aker Maritime.

It said Kvaerner's share price on the Oslo bourse on Monday, of 113 crowns per Kvaerner A share, valued Aker Maritime at about 4.3 billion Norwegian crowns, or 75 crowns per share, and a 15 percent premium to Aker Maritime's close last Friday.

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