May 29, 2008
Bourbon to sell stake in Rigdon Marine
The other shoe has dropped in the Gulfmark-Rigdon merger deal.
Paris-based Bourbon, which helped Rigdon Marine get started, says that it will sell its stake in Rigdon on completion of the merger which is due to take place in the 3rd quarter of 2008.
Bourbon says this will give it a capital gain on the sale of approximately 60 million euros, plus repayment by Rigdon of loans granted by Bourbon, for a total of 110 million euros, which, in addition to the cash proceeds from the sale, will reduce the group's debt.