Rolls-Royce Shares Jump as Commercial Marine Unit Sale Mulled
Britain's Rolls-Royce said on Wednesday it was considering the sale of its commercial marine business, which has been hit by weak demand in offshore oil and gas markets, as part of a restructuring of the company into three core units. Shares in the company jumped after it said the loss-making unit could be sold. They were trading up 7.2 percent at 1330 GMT. The announcement came as part of a restructuring of the aero-engine maker into civil aerospace, defence and power systems units, with naval marine and nuclear submarines consolidated into defence and civil nuclear into power systems. Chief Executive Warren East said the latest overhaul would enable the company to respond quicker to meet the needs of its customers…
Finland: A Maritime Powerhouse
Innovation, superior technology and competitiveness are the characteristics that have brought the Finnish maritime industry world repute. Its well-knit maritime cluster responsible for achieving a high level of production has propelled it into prominence in the global market. Extreme conditions during winter have set technological and quality demands on Finnish shipping which, in turn has contributed towards the emergence of a competitive maritime industry in Finland. The Finnish Maritime and Offshore Cluster (incl. Marine industries, shipping and port operations in private and public sectors) is one of the central industries in the Finnish technology industries.
Statoil Selling Out of VNG
Statoil is disposing of its 5.26 per cent holding in German company Verbundnetz Gas (VNG) to EWE AG, Germany, subject to the final approval of the transaction. The group has agreed a sale of these shares after reassessing its position in VNG in connection with the current restructuring of ownership in the company. Statoil's aim is to finalise the transaction by the end of the first quarter of 2004. As a gas merchant, VNG operates primarily in Germany's eastern states. Statoil acquired its stake in the company in 1991, when the German authorities were seeking to privatise it. That formed part of the process of selling off companies previously owned by the state in the former German Democratic Republic. VNG holds roughly 16 per cent of the German market for natural gas.
