CONSOLIDATION, ITS MAKIN ’ ME WAIT

In a notice to the Oslo Stock Exchange on 7th April, World Nordic ApS, a company that is held by and represents the Sohmen family has stated that the company has acquired 16,575,106 A-shares in Bergesen d.y. ASA, constituting the total number of shares previously held by cousins Petter C G Sundt and Morten Sig. Bergesen, at a price of NOK 180 per share. The sellers have sold on the condition that the buyer puts forward an offer to the other shareholders, based on the same price, adjusted for the proposed dividend of NOK 7 per share. Regardless, the Sohmen family holds more than 50% of the venerable Norwegian blue-chip flagship before the offer goes to the other shareholders.

The combination of the assets of the two shipping empires will make one of the largest shipping entities in the world that is also significantly diversified and most likely will become and remain a private corporation.

Or will it? Once this deal is complete and presuming that it is fully successful, one is right to speculate that the combined entity might try to raise equity on the US public markets under a new name and registered offshore. This may take time and will largely be dictated by the combined entity’s balance sheet but it is a possibility. A possibility that is also very likely some time down the road.

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