Merger of Aker Maritime and Kværner Approved

Tuesday, February 12, 2002
The Norwegian Competition Authority has cleared the merger of Aker Maritime and Kværner's oil and gas activities. The authority has approved the merger without reservations, on the basis that the merged company will not have the opportunity of exercising market power through deliveries of new buildings and maintenance services to oil companies operating on the Norwegian continental shelf. The Competition Authority concludes that following the merger there will still be sufficient competition from foreign players, and the oil companies which are active in Norway have significant purchasing power. Except for clearance in the US, which in this case is expected to pose no problems, this is the final approval required from the authorities.

The implementation of the rescue plan between Aker Maritime and Kværner was made conditional on all necessary permissions from the authorities being obtained. The European Commission cleared Aker Maritime's acquisition of control over Kværner's shipyard operations on January 23 last and permission in accordance with Norwegian acquisition law was given on 4 February. Clearance from the US authorities is expected in 10 days. All necessary approvals will then have been obtained and the conditions for implementing the merger fulfilled. A number of internal working groups made up of personnel from the two companies are now working to ensure that all the practical arrangements for accomplishing the merger are settled as soon as possible. Everything is now in place for the merger to go through by the beginning of March.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

Total CEO: EU Must Fight US Crude Export Law

First major public appearance of new Total head; he challenges European politicians to fight US ban. The new head of French energy major Total challenged Europe to fight Washington over the U.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1032 sec (10 req/sec)