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The shipping company Wilhelmsen abandons the attempt to buy Drew Marine. This comes after the Federal Trade Commission has obtained a complaint from a US court that the acquisition is anti-competitive. He appears in a stock market announcement Sunday.
The planned acquisition was about 400 million, or $ 3.4 billion after this price
Disagree with the decision
"We are not d & # 39; This has been an important strategic investment for our group, which we believe would have meant better services and prices for our customers, and we are disappointed that we can not implement this agreement. " said Thomas Wilhelmsen, CEO, in a statement.
At the announcement of the acquisition of April 27, 2017, Thomas Wilhelmsen said that would give 60% of the market
The competition authorities, for their part, believe that "l & # 39; the acquisition would be contrary to competition law by substantially reducing competition in a large market. "The complaint, which was announced in February, assumed that the two companies were the biggest competitors of the other and that the merger of the two companies would ensure that one of the players would control 60% of the market.
"The competition between Wilhelmsen and Drew brings substantial benefits to the world fleet in terms of lower prices and better services", writes the press release published in February by the group Wilhelmsen and Drew Marine, which corresponds to NOK 160 million at the current rate.This is a single expense that will be charged to the accounts of Wilh Wilhelmsen
The price of act Wilh's A .: Wilhelmsen Holding has fallen 18.4% since April 26, 2017, the day before the announcement of Drew's purchase. During the same period, the main index of the Oslo Stock Exchange rose 25.5%.
The shipping company's own funds have a market value of NOK 9.1 billion. It includes non-voting B shares. (Terms)
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