Kvaerner Up, Aker Sinks In Wake Of Board Battle

Maritime Activity Reports, Inc.

May 7, 2001

Shares in Kvaerner soared on Monday, while shares in rival Aker Maritime plummeted after Kvaerner came out the winner of last Friday's boardroom battle. Kvaerner shareholders narrowly defeated a takeover plan by oil services group Aker at a stormy shareholders' meeting in Oslo by voting down a board proposed by Kvaerner's smaller rival. Kvaerner shares, the most heavily traded on the Oslo bourse Monday, were up 3.50 Norwegian crowns ($0.387), or 5.1 percent, to 72. Aker shares, meanwhile, fell 10 percent to 77 crowns after a promised premium to its shareholders faded with the fortunes of the link-up attempt, analysts said. - (Reuters)
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