Kvaerner and Aker Maritime find the answer

Kvaerner and its largest shareholder, Aker Maritime, have reached an agreement about an industrial and financial solution for the Kvaerner Group.

Kvaerner, the engineering and construction group, together with its largest shareholder, Aker Maritime, have reached an agreement about an industrial and financial solution for the Kvaerner Group.

The proposal will result in new equity for Kvaerner through a Rights Issue, and a merger of Aker Maritime’s core businesses with Kvaerner Oil & Gas.

Kvaerner’s second largest shareholder, Yukos Oil, has also announced its support for the solution after the company recognised that its own rescue plan would not receive the necessary two thirds support at an EGM on 29th November, 2001, which would have convened specifically for the purpose of approving it.

Meanwhile, Kvaerner and Aker Maritime have asked the Oslo Stock Exchange to suspend trading of its shares until a more detailed proposal has been presented.

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