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Author Topic: Wilh.Wilhelmsen buys 22% of Eidsiva Rederi  (Read 949 times)
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Bjoern Eddy Engelbrethsen
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« on: April 11, 2007, 02:46:26 pm »

Norwegian shipowner Wilh Wilhelmsen is paying over the odds to snap up a one-fifth ownership stake in charter partner Eidsiva Rederi.
The Oslo-listed company confirmed this morning it had shelled out NOK 94.6m ($15.9m) for a 21.5% shareholding in the car carrying specialist.
The per unit cost of NOK 40 represents a 25% premium over Eidsiva’s last closing price, and is the first time Wilhelmsen has taken ownership in the company.
Eidsiva operates a fleet of 15 mainly ro-ro vessels and car carriers, though it also has shares in one 1970’s-built LPG vessel.
Wilhelmsen is part owner of the world’s largest car carrying line, controlling with its partners more than 30% of the world car carrier fleet.
Its joint venture with Wallenius Lines, WWL, currently has two car carriers on long-term charter from Eidsiva, the 13,400-dwt Vinni (built 1994) and Vibeke (built 1996). The ships were converted from ro-ros to pure car carriers in 2005, improving capacity from around 1,000 car-equivalent units to 1,920. They are on charter to WWL until 2010.
Meanwhile the share deal will deliver a healthy profit for the stake’s previous owner, Norwegian ferry owner Fosen Trafikklag. It paid NOK 27 per share for 2.5 million of the total 2.9 million shares sold just over twelve months ago.
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