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Monday, September
18, 2000
Aker Maritime board advises against Kværner offer
Kjell Inge Røkke obviously isn't tempted too much by Kværner's voluntary offer
to buy all the shares in Aker Maritime with a view to coordinating
the
two companies' activities.
Røkke controls 100% of Aker RGI
which, in turn, owns 63% of Aker Maritime. Back in July, Aker Maritime bought a 26.39% chunk of Kværner.
Kværner's response was its offer for Aker Maritime.
Now the Aker Maritime has evaluated the
bid and says it is highly
conditional and subject to Kværner's complete and absolute
discretion. It says that its adviser, Chase Manhattan plc, concludes
that the offer is not fair from a financial point of view, the
offer is not fair.
The board does not believe that the offer
reflects the full value of Aker Maritime, and recommends shareholders
not to accept it.
Since Røkke's Aker RGI,with its
63% holding, has stated it will not accept.
Kværner's requirement to acquire 90 per cent of the shares
will
consequently not be met.
Aker Maritime says that, since this summer,
it has studied how an industrial combination between Aker Maritime
and Kværner could be implemented.
"Such a combination," says the Aker Maritime board,
"would be beneficial, but results of the work so far indicate
that the potential in both Kværner's and Aker Maritime's
activities would clearly be realized to a greater degree through
other structural solutions currently being discussed, than that
represented by Kværner's offer.
The board of Aker Maritime wants the company's
management "to develop
these alternatives further and to present an overall plan for
the combination and further development of the various activities
in Aker Maritime and Kværner.
Frontline set for Golden Ocean take-over
The creditors of Golden Ocean and the bankruptcy court in Wilmington,
Delaware have approved Frontline's plan for restructuring of
Golden Ocean.The effective date for the full take-over of Golden
Ocean is
set for October 2 . After that date Frontline will own 100 %
of
the equity of the restructured Golden Ocean Group.
Golden Ocean, which has interests in 13
VLCCs and 10 bulk carriers
will be kept as a "non-recourse subsidiary" within
the Frontline Group
but will, from October 2, be fully consolidated in Frontline's
accounts.
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