Kvaerner Won't Up Aker Bid

Tuesday, August 22, 2000
Kvaerner, reporting a bigger-than-expected first half profit, said it would not raise a rejected takeover bid for oil and gas services group Aker Maritime.

Kvaerner swung to a first half pre-tax profit of 155 million Norwegian crowns ($17.4 million) from a loss of 4.81 billion in the same period of last year, when it made giant provisions for a wrenching restructuring.

"We find no economic argument to raise the offer (for Aker Maritime), so we won't do it," chief executive Kjell Almskog told a news conference of Kvaerner's all-share bid for Aker, which itself owns 26 percent of Kvaerner.

He said the planned takeover was not essential to Kvaerner. Aker Maritime's majority owner, Norwegian billionaire Kjell Inge Roekke, has snubbed the August 7 offer of 0.79 new Kvaerner shares for every Aker share. The bid valued Aker at about $500 million based on a Kvaerner share price of 120 crowns.

"The positive results clearly demonstrate that Kvaerner is now starting to get back on track," Almskog said.

"After more than 12 months of comprehensive restructuring the time is right to start preparing for the more long-term growth and success of the group," he said.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

BMT to Lead Repower for Historic USCG Eagle

BMT Designers & Planners, a subsidiary of BMT Group, an international maritime design, engineering and risk management consultancy, is leading the effort to repower the historic U.

Ecofix Filler Coat Cuts Rudder Repairs Cost

With an increasing trend for thruster and rudder manufacturers finishing their products with self-cleaning protective hard coatings, Antwerp headquartered Subsea

Quick Propeller Repair Prevents Drydocking

Recently a team of Hydrex diver/technicians performed a propeller blade cropping on a 190-meter container bulker berthed in Hamburg. Two parts of the tip of one

Offshore

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

China Asks U.S. to Support Resumption of Talks with Philippines

China's foreign minister has asked the U.S. secretary of state John Kerry to support the resumption of talks between China and the Philippines over the South China Sea,

VesselValue.com: $28.4B Worth of Ships Delivered to Date

As the calendar now indicates we have passed the half year mark on 2016, VesselValue.com offers insight on the number and value of all the 2016 built vessels that

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0712 sec (14 req/sec)