BW LPG has continued its steady buildup in the stakeholding of rival Aurora LPG. On Friday, BW LPG came in for another 3m shares, giving it another 10.12% stake in the Oslo-listed firm, and bringing a takeover one step closer.
BW LPG now has 29.83% of Aurora’s shares. Additionally, BW LPG has acquired NOK57m (33.53%) of the senior unsecured bond issued by Aurora LPG maturing on 9 August 2017.
The Sohmen-Pao family controlled BW LPG first started buying more shares in Aurora when another rival, Avance, initiated buyout plans for Aurora late last year.