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Takeover Bid

Kvaerner Says It Won't Raise Takeover Bid

Anglo-Norwegian industry group Kvaerner said on Friday that it would not raise or extend its $725 million takeover bid for oil and gas services firm Aker Maritime Kvaerner's offer of 0.79 new Kvaerner shares for each Aker Maritime share expires today, at the close of the Oslo bourse. Aker Maritime has rejected the bid as too low. Kvaerner chairman Christian Bjelland reportedly told shareholders at a meeting today that the company's bid remained unchanged. The company had called the meeting for shareholders to vote over a controversial proposal to lower the threshold for mandatory offers to 30 percent from 40. A majority supported a lower threshold, company officials said after the meeting. The vote prevents majority owner Aker Maritime from raising its stake without bidding for the rest of Kvaerner.


NCL Retains Financial Advisers

NCL Holding ASA appointed Orkla Finans and Morgan Stanley as financial advisers following a takeover bid from Carnival Corp. Carnival, the world's largest cruise operator, has offered 30 Norwegian crowns per share for NCL, the fourth biggest operator. Miami-based NCL has rejected the bid as too low and has hinted that rival bids might be in the pipeline.


NCL Turns Down Carnival's $1.7B Takeover Bid

NCL Holding ASA flatly rejected a 30 crown ($3.72) per share takeover offer from Carnival Corp, saying it undervalued the group's potential. NCL officials said it would be a waste of time to even meet Carnival given the offered price. Carnival, the world's largest cruise operator, whose lines include Cunard and Holland America, launched the surprise bid for NCL, the fourth largest operator, on Dec. 1. The bid values NCL at $884 million


Boskalis Profits Fall, Fleet Cut on Weak Oil

Photo: Boskalis

Marine construction company Boskalis expects a drop in net profit this year as depressed commodity prices hit demand for oil-related infrastructure, it said on Wednesday.   Its shares fell 10 percent to 32.42 euros in early trading.   "Volumes and prices are under pressure, which is also translating into our order book," Chief Executive Peter Berdowski said in a statement. "We are tightening up the fleet and the organization


Baltic Exchange Board Backs SGX Bid

The Baltic Exchange board has unanimously backed a takeover bid from Singapore Exchange Ltd , a deal that will give SGX access to a trading platform for the multi-billion dollar freight derivatives market.   On Aug. 4, SGX offered shareholders in London's privately owned Baltic Exchange 160.41 pounds in cash per share, for a total 77.6 million pounds ($102 million), and urged them to back the deal.   The exchanges have agreed on the terms of the SGX offer


COSCO 'bidding' for Orient Overseas

Photo: Orient Overseas Container Line Limited

Chinese conglomerate Cosco Group is in talks to acquire smaller rival Hong Kong-based rival Orient Overseas Container Line Co. ( OOCL), Chinese media outlet Caixin reported quoting people familiar with the matter.   The state-owned China COSCO  will compete with Evergreen Marine Corp. from Taiwan and France’s CMA-CGM SA in the takeover bid, but COSCO was more likely to win the deal, a source from COSCO told Caixin.  


Frontline Wins Two-Year Fight For Control Of ICB

A two-year battle for Swedish tanker company ICB Shipping ended Sept. 23 in victory for Norway's Frontline - but only after four of 12 ICB tankers are sold to a new group set up by key ICB players. An agreement between Frontline, ICB and ICB's main shareholder, Greek shipowner John Angelicoussis, values ICB at about $600 million and ends a stalemate over ownership involving several legal wrangles. Bermuda-registered Frontline launched a hostile takeover bid for ICB in September 1997 with the


Northrop Grumman Extends NNS Tender Offer

U.S. defense contractor Northrop Grumman Corp. on Thursday said it has extended its tender offer for the outstanding shares of Newport News Shipbuilding, after the Justice Department requested additional information about the takeover. Los Angeles-based Northrop said it extended its tender offer for Newport News, to July 5 at midnight EDT from the previous June 20 deadline. About 861,000 shares of Newport News common stock had been tendered as of midnight June 20, Northrop said.


ROC Chairman Retires

Mike Harding

Mike Harding has resigned from the ROC Board of the Company with immediate effect from today. An Independent Non-executive Director since June 2012, Mr Harding was elected Chairman of ROC in December 2013. The Board of ROC thanks Mr Harding for his leadership and invaluable contribution to the Company as a Director and particularly as Chairman, especially through the demanding period of the last 12 months. During this time Mr Harding has presided over the proposed merger of ROC with


Shell, BG Merger Faces Roadblock

Image: Shell Global

 The Australian Competition and Consumer Commission (ACCC) has raised concerns that Royal Dutch Shell's proposed $70 billion takeover of BG Group may lessen gas supply competition in eastern Australia and delayed a final decision on the bid to November.   The competition watchdog said, after preliminary investigations, the proposed takeover  could damage the interests of east coast and Queensland gas users and force up prices.   


EU to rule on Maersk-Hamburg Sud Deal by March 27

EU antitrust regulators will decide by March 27 whether to clear world No. 1 shipping company Maersk Line's bid for German rival Hamburg Sud, its first major deal for more than a decade.   The deal, one of several in a sector seeking consolidation to offset low freight rates and oversupply


Marshall Islands Court Sets Date for Frontline Case against DHT

File photo: DHT

Oil tanker firm Frontline said on Friday the high court in the Marshall Islands has agreed to hear on May 17 its complaint against takeover target DHT Holdings, which is incorporated in the remote Pacific republic, over a rival deal with BW Offshore.  


Akzo Nobel Rejects Third PPG Takeover Bid

Photo: Akzo Nobel N.V.

Marine coating major AkzoNobel announced it has declined a third unsolicited, non-binding and conditional proposal submitted by PPG Industries on April 24, 2017, for all outstanding ordinary shares in the capital of AkzoNobel.   A statement from AkzoNobel said that it has concluded its own


Frontline Alters Course, Drops DHT Pursuit

Photo: DHT Holdings

CEO: Frontline will continue to expand its fleet; won't pursue M&A now, though consolidation may come later.   Oslo-listed oil tanker firm Frontline has abandoned its pursuit of New York-listed rival DHT Holdings and is not working on any alternative acquisitions


Saverco Makes Squeeze-out Bid on CMB

CMB and Saverco announce that on December 21, 2015, at the closing of the acceptance period of the reopening as a simplified squeeze-out of the voluntary public takeover bid in cash made on CMB by Saverco, a total of 1,270,753 shares were tendered into the simplified squeeze-out bid


CMA CGM Keeps Buying NOL Shares

Pic: Neptune Orient Lines

 French liner giant CMA CGM has acquired last week a total of 2.26 million shares in Neptune Orient Lines (NOL), six months before it is scheduled to make good its S$3.4 billion takeover bid for the Singapore-listed liner, reports Business Times.  


CMA CGM Ups NOL Stake to 2.32%

Pic: Neptune Orient Lines

 French container shipping group CMA CGM bought an additional 2.4 million shares in takeover target Neptune Orient Lines (NOL) from the open market on Thursday at $1.235 and $1.24 per share, says a report in the Business Times.  


Norfolk Intermodal Volume Falls

Photo: Norfolk Southern Railway

 Norfolk Southern Railway has announced disappointing financial results, and a cost-cutting plan that could eliminate two thousand jobs over the next four years.   Norfolk has assured shareholders that despite weak carload volume and tumbling intermodal traffic producing a double-digit


Qatar, China in $6.4 Bln Battle for Australian Freight Giant

Canada's Brookfield Asset Management (BAMa.TO) is planning a fresh $6.4 billion bid for Australian port and rail firm Asciano (AIO.AX) with Qatar's sovereign fund, two sources told Reuters, widening the global battle for the haulage heavyweight.  


CMA Offers Concessions to get EU Approval for NOL Deal

File image: the CMA CGM Ben Frnklin (Marad)

French container shipping group CMA CGM has offered concessions in a bid to win European Union antitrust approval for its $2.4 billion takeover of Singaporean rival Neptune Orient Lines. CMA CGM, which ranks behind No. 1 Maersk Line and Swiss peer MSC in global shipping


CMA CGM Stake in NOL Edges Past 10%

Pic: Neptune Orient Lines

 French container shipping giant CMA CGM now owns 10.07% of its takeover target Singapore's Neptune Orient Lines (NOL) as open share buys continue on a near daily basis.   The European Commission has approved CMA CGM's $3.38 billion acquisition of NOL


PALFINGER Makes Takeover Bid for TTS

The takeover bid made by the PALFINGER Group for the Norwegian ship equipment supplier TTS Group ASA, listed on the Oslo Stock Exchange, was approved and published this morning by the Oslo Stock Exchange following a detailed review. PALFINGER aims to acquire 100 percent of the TTS shares


Its Official: HMM to Compete wtih MSC for Long Beach Terminal

Photo:  Long Beach Container Terminal LLC

 As Hyundai Merchant Marine (HMM) and Swiss shipping giant  Mediterranean Shipping Company S.A. (MSC)  are expected to enter the takeover battle for the Long Beach Terminal in California, they will aggressively negotiate its price, reports Business Korea.  


Singapore Exchange Completes Baltic Exchange Takeover

Singapore Exchange has completed its takeover of the privately-owned Baltic Exchange, sealing an 87 million pound ($108 million) deal for one of London's oldest institutions, the groups said on Tuesday. The acquisition is one of the latest developments in a string of mergers


Germany to Buy Six MKS Multi-Role Warships

Germany's Defence Ministry has decided to buy a total of six MKS-180 multi-role warships instead of four, as initially planned, a ministry spokesman said Monday, without providing a new cost estimate for the program. The ministry decided last October to delay a tender for four warships that was






 
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