Icon Offshore and UMW merger falls through

Icon Offshore and UMW merger falls through

The merger between OSV operator Icon Offshore and oil and gas firm UMV Oil & Gas has fallen through, sources told Malaysian financial media The Edge Markets.

Both Icon Offshore and UMW have suspended stock trading this morning. In a filing to Bursa Malaysia, Icon Offshore said the trading halt  was in conjunction with UMW’s request for a trading suspension. The two companies are expected to release an announcement soon.

In January, UMW and Ekuinas reached a merger agreement to take over of Icon Offshore and Orkim. Under the proposed deal, UMW will acquire a 42.3% stake in Icon Offshore, to be paid in new UMW shares, and to acquire 95.5% equity interest in Orkim. UMW planned to quit the oil and gas business after the takeover.

In March, UMW extended the period available to conduct due diligence on Icon Offshore and Orkim from early March to April 19.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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