P&O Nedlloyd Reverse Listing Finished

Friday, April 16, 2004
Royal P&O Nedlloyd has taken full ownership of P&O Nedlloyd which has effectively become independently listed on the Euronext stock market in Amsterdam.

This marks the closing of the rights offering and the completion of the acquisition by Royal Nedlloyd of P&O's 50 per cent stake in P&O Nedlloyd. It also is the renaming of Royal Nedlloyd NV as Royal P&O Nedlloyd NV, and the independent listing of P&O Nedlloyd through Royal P&O Nedlloyd.

"I am delighted that we have achieved the listing of P&O Nedlloyd on Euronext today. It is the culmination of our plan to give P&O Nedlloyd the independent status it needs to grow and flourish," said Andrew Land, Chairman of Royal P&O Nedlloyd.

Royal P&O Nedlloyd NV has announced the closing of its approximately EUR 190 million 3 for 7 rights offering of 9,138,544 new ordinary shares. Immediately following the closing of the rights offering, Royal Nedlloyd NV ("Nedlloyd") and The Peninsular and Oriental Steam Navigation Company ("P&O") completed the acquisition (the "Acquisition") by Nedlloyd of P&O's 50 per cent stake in P&O Nedlloyd Container Line Limited ("P&O Nedlloyd") for consideration of approximately €215 million cash and 10,158,938 new ordinary shares in Royal P&O Nedlloyd, representing a 25 per cent interest (maximum 20 per cent voting rights in general) in Royal P&O Nedlloyd's current outstanding share capital.

P&O has agreed to retain its 25 per cent interest in Royal P&O Nedlloyd for a minimum of six months following completion of the Acquisition, subject to certain exceptions. The total consideration for the Acquisition has a value of approximately €524 million, based on Nedlloyd's closing share price of €30.40 on 15 April 2004 on Euronext Amsterdam, subject to a possible adjustment in respect of the value of Martinair. The net proceeds from the rights offering were used as part of the cash consideration for the Acquisition, with the balance being funded from existing cash resources.

The new Royal P&O Nedlloyd ordinary shares have been admitted today to listing on Euronext Amsterdam. As of today, the Royal P&O Nedlloyd ordinary shares trade on Euronext Amsterdam under the symbol "RPN".

In connection with the Acquisition, the articles of association of Nedlloyd were amended effective as of today, giving effect to, among other things, a one-tier board structure and the creation of one class of share capital. In addition, as of today, Royal Nedlloyd NV has been renamed Royal P&O Nedlloyd NV.

Royal P&O Nedlloyd will consolidate P&O Nedlloyd as a 100 percent subsidiary. P&O Nedlloyd will continue to operate using its existing trade name 'P&O Nedlloyd'. The Acquisition will have no impact on P&O Nedlloyd's business nor on its employees or day-to-day operations and services provided to its customers. P&O Nedlloyd's headquarters will continue to be in London and Royal P&O Nedlloyd will have its headquarters in Rotterdam.

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

Navy

Video: USCG Medevacs Navy Sailor off Virginia

The U.S. Coast Guard (USCG) medevaced a man Wednesday from a Navy vessel off the Virginia coast after watchstanders at Coast Guard Sector Hampton Roads in Portsmouth

WWII Wrecks Found 30 Miles off US Coast

The wreck of a World War Two German U-boat and a freighter that sank 72 years ago have been discovered off the North Carolina coast by U.S. researchers, officials said.

US Navy Christens Future USS Detroit

The U.S. Navy christened the future USS Detroit (LCS 7), the fourth Littoral Combat Ship of the Freedom variant, in a ceremony at Marinette Marine Shipyard in Marinette, Wisconsin, Oct.

Finance

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction 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: 0.0894 sec (11 req/sec)