ESL Shipping Acquires AtoB@C
Finnish dry bulker ESL ShippingLtd, a shipping company fully owned by Aspo Group, is going to acquire all the outstanding shares of AtoB@C Shipping AB and AtoB@C Holding AB (AtoB@C) that offer shipping services. The enterprise value is EUR 30 million. The final purchase price will be mainly financed by Aspo's existing financing reserves, and approximately EUR 4.2 million will be covered by new shares issued by Aspo Plc. The transaction will require the competition authority's approval in Finland to be completed. It is estimated that the transaction will be completed in the third quarter of 2018. AtoB@C is engaged in the shipping business with 30 vessels in size of 4,000-5,000 tonnes. AtoB@C owns six dry cargo vessels in full, and it has a share of 49% of two vessels.
B&N Delivers MS Finnpine
As in the case of the Finnfighter, which has already been delivered, the Finnpine is one of a series of vessels specially designed for the transportation of forest industry products. The series will form the base for a new system service between Europe and North America and will also have capacity for containers and rolling cargoes. The efficient cargo-handling system and design ensure rapid, high-quality loading and unloading. The vessel's speed capability and seagoing characteristics will reduce delivery times. This type of vessel has the highest ice classification, which means that ports in the Gulf of Bothnia can be served during the winter season. "The delivery of the MS Finnpine is another milestone for B&N," says the President, Folke Patriksson.
Transfennica Sold To Finnlines
Finnlines Plc has bought Transfennica Ltd. from its present shareholders UPM-Kymmene Corporation (49.9 % holding), Metsä-Serla Corporation (32.7 %), Myllykoski Paper Oy (9 %) and Oy Metsä-Botnia Ab (8.4 %). At the same time Finnlines together with its subsidiaries made long-term co-operation agreements on the transportation of Transfennica’s owners products from Finland to the rest of Europe. The value of the transportation agreements together with the free of debt value of the shares of Transfennica has been agreed to be some $68 million. Transfennica is a shipping company specialized in forest industry products. The company operates a fleet of over 20 modern RoRo vessels. Last year’s (1999) turnover was $187 million.
