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August 27, 2008

Maersk makes offer for Broström

Consolidation is ahead in the products tanker sector.

Denmark's A.P. Møller - Maersk A/S has announced an all cash offer of SEK 57 per share for Sweden's Broström AB (publ) and the Broström board has unanimously recommended that shareholders accept.

The combination of the two companies will form the world’s leading product tanker company with a combined owned and long term chartered fleet of more than 130 vessels. The cash offer values the share capital of Broström at SEK 3.62 billion.

It is planned that the combined fleet of tankers below 25,000 dwt --small and intermediate vessels--will trade under the Broström name, managed from Gothenburg, Sweden. According to current plans, the fleet will increase from 87 to more than 100 tankers, including vessels that are owned, managed, on long-term charter and on order. All product tankers above 25,000 dwt (handy and mid-range) are planned to be integrated into Maersk Tankers' commercial and operational vehicle in this segment, the Handytankers Pool. In line with current plans, this fleet will expand from 127 to more than 160 vessels over the next couple of years.


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