Aurora LPG looks like it is going all out to avoid the advances made by Avance Gas.
Yesterday evening BW LPG bought just over 3m shares in Aurora LPG, taking its holding in the gas operator to 12.13%. To help fund the acquisition BW LPG sold 2,565,318 existing shares in BW LPG held in treasury.
Yesterday, Aurora LPG also formed a joint venture in Hong Kong with Wilhelmsen Ship Management to look after the former’s VLGC fleet. Senior management at Aurora LPG have been distancing themselves from merger talk led by Avance Gas.