Norway clears Aker Maritime-Kværner merger

Feb. 12, 2002
The Norwegian Competition Authority has cleared the merger of Aker Maritime ASA and Kværner's oil and gas activities without reservation.

HOUSTON, Feb. 12 -- The Norwegian Competition Authority has cleared the merger of Aker Maritime ASA and Kværner AS's oil and gas activities without reservation.

The authority concluded that there will be sufficient competition from foreign players that the merged company will not be able to dominate the Norwegian continental shelf market.

The European Commission has cleared the deal. All that remains to complete the transaction is clearance from the US authorities, which Aker expects within 10 days.

For a long time, Kværner resisted takeover attempts from Aker, but eventually had to give in after a failed rescue attempt by OAO Yukos of Russia (OGJ Online, Nov. 28, 2001).

Aker said, "A number of internal working groups made up of personnel from the two companies are now working to ensure that all the practical arrangements for accomplishing the merger are settled as soon as possible. Everything is now in place for the merger to go through by the ... beginning of March."

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