Roekke Loses Bid To Win Full Control Of Aker

September 20, 1999

Norwegian billionaire Kjell Inge Roekke failed to win full control of industrial holding firm Aker RGI after a controversial buyout bid valuing the group at $1.16 billion. Roekke, who is chairman of Aker RGI and who already held two-thirds of the group after a raid last year, controlled almost 88 percent of Aker under a new buyout bid that expired on Sept. 10. The figure leaves Roekke just short of his goal of 90 percent control, the minimum needed under Norwegian law to force remaining shareholders to sell their stakes and delist the company from the Oslo bourse. Roekke, who made a fortune from fisheries and has extended his empire to Aker RGI, launched his bid in mid-August through his privately-owned company TRG (Europe) BV, saying he wanted freedom of action and "more calm for the company". Roekke has been criticized by some minority shareholders in Aker, who accuse him of putting his personal interests first - charges denied by Roekke. Roekke said that as of Sept. 10, the deadline for acceptances of the buyout bid, TRG (Europe) BV had 48,967,294 "A" shares and 20,425,446 "B" shares, equivalent to 87.95 percent of the share capital and 85.95 percent of the votes. "With a stake of less than 90 percent in Aker RGI, TRG (Europe) BV will not take the initiative to seek delisting of the shares from the bourse," he said. Roekke was not available for comment. Aker RGI said it was business as usual and that Roekke had no plans for a new offer to shareholders refusing his offer. "We have registered the new ownership situation. The main shareholder (Roekke) has said that this will not have any impact on daily operations and strategy," spokesman Per Eikrem said. Roekke's bid had caused a national stir in Norway with many fearing that he wanted to break up the company. Aker RGI had already said it was looking for a partner or a merger for Aker Maritime.

Roekke Loses Bid To Win Full Control Of Aker

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