Mermaid Marine to Merge with P&O Maritime Services

Thursday, December 21, 2006
Mermaid Marine Australia Ltd will merge with Dubai Ports World subsidiary P&O Maritime Services Pty Ltd through a share-trading arrangement. Mermaid will issue 221.9 million shares to DP World in return for 100 per cent of the shares in P&O Maritime Services Ltd and P&O Polar Australia Pty Ltd, subject to shareholder approval. The deal will result in DP World owning 60.4 per cent of Mermaid, with existing shareholders holding the remaining 39.4 per cent.

Mermaid will also assume an additional $40 million of net debt initially in the form of debt due to DP World as part of the transaction. Mermaid directors said in a statement that the proposed merger would create a highly attractive business diversified across a range of maritime services, but have flagged a proposal to change its name to P&O Marine Ltd, in order to take advantage of the former British standard bearer's brand recognition, subject to DP World's approval. Current Mermaid chairman Tony Howarth will serve in the same role at the merged company, with Mermaid's managing director Jeff Weber to serve as the new company's chief operating officer and an executive director. The chief executive of the new company will be current P&OMS managing director Andrew King. The deal is expected to be completed in March or April next year. Source: WA Business News

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

People & Company News

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

Scrap Metal Exporter Pens Terminal Agreement

Port Canaveral Scrap Terminal LLC (PCST), a bulk ferrous scrap exporter, has signed a lease with the Canaveral Port Authority to operate a terminal in the north cargo area at Port Canaveral.

Finance

Rolls-Royce Holdings' Voting Rights and Capital

In accordance with DTR 5.6.1 of the FCA's Disclosure and Transparency Rules (DTR), the Company is required to notify the market of its total number of voting

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

CMA CGM Continues Expansion, Confirms Profits

The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar Winch
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: 0.0037 sec (273 req/sec)