Kvaerner Says It Won't Raise Takeover Bid

Friday, September 29, 2000
Anglo-Norwegian industry group Kvaerner said on Friday that it would not raise or extend its $725 million takeover bid for oil and gas services firm Aker Maritime Kvaerner's offer of 0.79 new Kvaerner shares for each Aker Maritime share expires today, at the close of the Oslo bourse. Aker Maritime has rejected the bid as too low.

Kvaerner chairman Christian Bjelland reportedly told shareholders at a meeting today that the company's bid remained unchanged. The company had called the meeting for shareholders to vote over a controversial proposal to lower the threshold for mandatory offers to 30 percent from 40.

A majority supported a lower threshold, company officials said after the meeting.

The vote prevents majority owner Aker Maritime from raising its stake without bidding for the rest of Kvaerner.

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