Wilh Wilhelmsen : Competition authorities' approval received for merger between Wilhelmsen and Wallenius
April 03, 2017 at 03:57 am EDT
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Competition authorities' approval received for merger between Wilhelmsen and Wallenius
01.04.2017 08:28
'We have received all the necessary approvals from competition authorities, bond holders and general meetings. Additionally, the respective creditor periods in Norway and Sweden have expired, and we are therefore ready to proceed to completion of the merger between Wilhelmsen and Wallenius as announced 22 December 2016,' says Jan Evyin Wang, president and CEO of Wilh. Wilhelmsen ASA, owned 72.3% by Wilh. Wilhelmsen Holding ASA. As soon as the formal changes are registered in The Brønnøysund Register Centre the merged company, to be named Wallenius Wilhelmsen Logistics ASA, will start trading under the ticker WWL at the Oslo Stock Exchange. Wilh. Wilhelmsen ASA will issue shares to Wallenius Lines AB in exchange for their shares in the currently joint investments. At the completion of the merger, Wilh. Wilhelmsen Holding ASA and Wallenius Lines AB will hold 37.8% and 48% of the new entity to be named Wallenius Wilhelmsen Logistics ASA. The parties have agreed that Wallenius will reduce its shareholding subsequent to the merger, whereby both parties eventually will have an equal shareholding in the new entity. Merging the joint ownership interests in Wallenius Wilhelmsen Logistics, EUKOR Car Carriers and American Roll-on Roll-off Carrier, Wilhelmsen and Wallenius will create a world leading and sustainable shipping and logistics platform. 'In addition, we expect the new governance structure to be agile, enabling efficient adoption to rapidly changing market conditions. In addition, one common owner and governance structure will enable substantial synergies. Last, but not least the new structure will facilitate an improved growth path for the land-based logistics offer, where we expect investments and development of new products and services,' says Wang. For a full description of the merger, please refer to the Stock Exchange Notices from Wilh. Wilhelmsen ASA dated 22 December 2016 and 20 January 2017.
Wilh. Wilhelmsen Holding ASA published this content on 01 April 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 03 April 2017 07:56:15 UTC.
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Wilh Wilhelmsen Holding ASA is a Norway-based industrial holding company within the maritime industry. The Company's activities are carried out through fully and partly owned entities, most of which are among the market leaders within their segments. The Company operates within three business segments: The Maritime Service segment offers marine products, ship agency services and logistics to the merchant fleet and ship management including manning for all vessel types, through a worldwide network of 239 offices in 60 countries; The New Energy segment includes the NorSea Group and other New Energy activities. The activity is mainly related to the operation of supply bases for the offshore industry in Norway, as well as real estate development and operation of properties both on and off the supply bases. The Strategic Holdings and Investments segment includes the strategic holdings in Wallenius Wilhelmsen ASA and Treasure ASA and other financial and non-financial investments.