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Friday, 09 January, 2009, 01:20 GMT | more >>

Aban takes helm at Sinvest



By Knut Evensen 

Offshore services player Aban Loyd Chile has boosted its interest in Norwegian rig player Sinvest to 50.01%, giving it a controlling stake in the company.

Aban said it bought 967,000 shares - a 10% stake in Sinvest - from ICICI Bank UK and First Securities after market close yesterday.

"The agreed purchase price was Nkr133.50 ($21) per share under both agreements, equal to the closing price of Sinvest on (2 January)," Aban said.

"The combined holding of (Aban and its Norwegian unit) in Sinvest thus comprises 30,359,746 shares, corresponding to 50.01%of the outstanding number of shares in the company."

Previously, the Oslo Stock Exchange ruled that Aban’s shareholding was to be consolidated with shares held by ICICI Bank and First Securities, uner the rules governing mandatory offerings after the use of total return swap agreements.

Under Norwegian law, a company or a group of companies seen as acting together must submit a bid for all outstanding shares if they hold more than 40% of the outstanding shares in a company. The offer should at least match the highest price paid for any shares in the six months period prior to obtaining 40%.


Tuesday, 02 January, 2007, 10:03 GMT  | last updated: Wednesday, 03 January, 2007, 11:01 GMT

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