John Fredriksen has moved to take full control of Avance Gas. The Norwegian tycoon’s privately held Hemen Holding bought more shares in the VLGC player on Friday, which in addition to the shares controlled by another Fredriksen vehicle, Frontline, has taken Fredriksen’s holding in the company above a third, allowing him to trigger a mandatory offer for Avance, which will be completed within four weeks.
Oslo-listed Avance Gas currently controls 14 VLGCs. Avance Gas traces its roots to 2007 and the creation of Stolt-Nielsen Gas.
