Kvaerner offers to purchase Aker Maritime through all-share offer

Kvaerner's Board of Directors has announced an offer to purchase Aker Maritime through an all-share offer. It has also decided to consolidate its A and B shares into new ordinary shares, as previously announced.
Under the terms of the offer, Aker Maritime would receive 0.79 new ordinary share in Kvaerner for each of its shares. Each Aker Maritime share would be worth around NK 80, and the whole of the issued share capital around NK 4.5 bn.
The offer represents a premium of 39 %, based on the last five days of trading in both shares, to Aker Maritime shareholders. The offer follows a recent purchase by Aker Maritime of 26 % of Kvaerner, making it Kvaerner's major shareholder.
Kvaerner's President and CEO, Kjell Almskog, has said in a statement that; "the rationale for this proposal is to create a strong, truly global player with a complete range of products and services...combined with Aker Maritime, Kvaerner will be second to none in the oil and gas products and technology area."
The company's chairman, Christian Bjelland, said "As our company emerges from a comprehensive restructuring programme - its time to move forward. The Board firmly believes that the proposed acquisition by Kvaerner will be in the best interest of stakeholders in both companies."
The combined revenues of 'New Kvaerner' (E&C, Oil & Gas, and construction) and Aker Maritime will be around NK 60 bn. There will be 50,000 employees in 40 countries.