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Article: Indonesian shipping firm buys Oslo tanker operator.(Shipping)
- Article from:
- Manila Bulletin
- Article date:
- October 6, 2009
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PT Berlian Laju Tanker, Indonesia’s largest shipping company, agreed to buy Camillo Eitzen & Co. ASA in a deal valued at 1 billion kroner ($173 million) to become the world’s largest operator of chemical tankers.Berlian Laju will offer mandatory convertible bonds equivalent to 25 kroner a share for the Oslo-based company, it said in a Singapore stock exchange statement Wednesoday. Camillo Eitzen, known as CECO, last traded at 6.75 kroner in the Norwegian capital.The Indonesian shipping line also bought Chembulk Tankers LLC for $850 million in 2007 to expand beyond Asia. CECO announced plans in August to reschedule debts and possibly issue equity after making ...