Stena Buys Scandlines
Ferry operator Stena Line has purchased smaller Swedish ferry group Scandlines AB from the state owned railway group SJ for $67.1 million. Scandlines, with 1,180 staff, runs ferries on five routes from Helsingborg and Trelleborg in southern Sweden to Helsingor and Copenhagen in Denmark, and to Sassnitz, Rostock and Travemunde in Germany. Stena Line officials said the opening of the Oresund Bridge in July 2000, linking Sweden and Denmark, would have a damaging effect on Scandlines' operations. The ferry group had already closed a Limhamn-Dragor service, and Helsingborg-Copenhagen ferries were to stop next July. However, the number of passengers…
Standard & Poor's Puts Stena Line On Credit Watch
Standard & Poor's placed its single-'B'-plus long-term corporate credit ratings, and its single-'B' senior unsecured debt ratings on Stena Line AB on CreditWatch with negative implications. The CreditWatch placement follows the company's announcement of weaker-than-expected earnings for the first nine months of the year, and the announcement that Stena Line has acquired Scandlines AB (a ferry company operating five routes linking Sweden, Denmark, and Germany) for $67 million in cash. Stena Line, one of the world's largest ferry companies, operates 25 vessels on 12 routes in Northern and Western Europe. It also owns a 40 percent interest in P&O Stena Line.
Stena Buys Scandlines
Ferry operator Stena Line purchased smaller Swedish ferry group Scandlines AB from the state owned railway group SJ for $67.5 million. Scandlines, with 1,180 staff, runs ferries on five routes from Helsingborg and Trelleborg in southern Sweden to Helsingor and Copenhagen in Denmark, and to Sassnitz, Rostock and Travemunde in Germany. Stena Line said the opening of the Oresund Bridge in July 2000, linking Sweden and Denmark, would hit Scandlines' operations. The ferry group already closed a Limhamn-Dragor service, and Helsingborg-Copenhagen ferries will stop next July. "The Oresund Bridge is expected to have a negative effect on Scandlines' operations and this has affected Stena Line's valuation of the Scandlines AB…
