DFDS Tor Line Takes Stake In LISCO

Danish sea shipping company DFDS Tor Line bought a majority stake in Lithuanian shipping line LISCO for $47.6 million to bolster its presence around the Baltic Sea. "We can use LISCO... to build a very strong base in the Baltic Sea... We also have to look at the Russian traffic," DFDS General Manager Ole Frie said. Lithuania's State Property Fund earlier said it signed a deal with DFDS to sell a 76.36 percent stake in LISCO to DFDS. The Danish company also agreed to invest another $60 million in LISCO over three years. "DFDS Tor Lines -- under the name of LISCO -- will operate six RoRo and RoPax vessels... plus six comparatively new multi-purpose LoLo vessels," the company said. LISCO shares closed 2.34 percent lower on Monday while the benchmark index ended down 2.25 percent. DFDS, which has said it would consider a minority share buyout as part of the privatization, added it was too early to discuss a minority buyout of LISCO. "It is premature to say what we are going to do. What we have promised is that we are going to have a constructive dialogue with the minority shareholders when everything is in place," Frie said. - (Reuters)