Aker Opposes New Kvaerner Board
Aker Maritime opposes a proposed new board for Kvaerner, where Aker owns 17.8 percent. "Aker Maritime has asked Kvaerner's election committee to propose a competent and independent board that freely may consider whether Kvaerner may benefit from a merger between Kvaerner's and Aker Maritime's oil and gas division," it said. "The proposed board does not meet such a request," Aker Maritime said in a statement, saying that the proposed members apparently backed Kvaerner's opposition to its proposed link-up. Aker Maritime wants a wide-ranging link-up between the two companies. Kvaerner earlier on Wednesday presented a proposed new board to be headed by lawyer Harald Arnkvaern. - (Reuters)
Aker Proposes New Kvaerner Board
Aker Maritime, which wants wide-ranging link-ups with Kvaerner, proposed a new board for Kvaerner before a corporate showdown on Friday. Aker, the top shareholder in Kvaerner with 17.8 percent, put forward Pehr Gyllenhammar, chairman of Britain's biggest insurance group CGNU, as chairman of its proposed board. Kvaerner has said it opposes Aker's plans for link-ups. Gyllenhammar said he hoped he could help resolve the clash between the two Norwegian industrial groups but stressed he would be independent. "The new board will have a completely free rein to assess the best strategy for Kvaerner," he said. Last month, Kvaerner's own election committee proposed a new board led by former Christiania Bank chairman Harald Arnkvaern.
