Solvang to be privatised

Solvang to be privatised

A group including AS Clipper and the Steensland family have made a mandatory offer to take gas shipowner Solvang private, in a move widely seen as a defensive one amid aggressive takeovers going on in the LPG sector recently.

AS Clipper announced the mandatory offer today. The offer price is NOK25.50 ($2.96) per share with settlement in cash.

The offer period commences today and finishes on May 4.

Solvang’s 18 ships are a mix of ethylene carriers, LPG ships and VLGCs. The company is chaired by Michael Steensland-Brun.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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