Smit In Talks With Rivtow

Wednesday, May 24, 2000
Smit International is in talks to buy Canada's Rivtow Marine, a harbor towage service and transport firm active in Canada and the U.S. No financial details of the planned takeover were immediately available. Smit International also said it would boost its stake in Belgium's Salvage & Towage Union to 49 percent from 26 percent for an undisclosed sum. In addition the company said it was discussing further developing a strategic alliance with Salvage & Towage Union, which owns seven percent stake of Smit International.

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