EMEA News
Stolt-Nielsen Moves to Fully Acquire Avenir LNG
Norwegian shipping firm Stolt-Nielsen is preparing to acquire the remaining 5% stake in UK-based Avenir LNG.
In January, the company acquired approximately 95% of shares in Avenir LNG and has now initiated a compulsory acquisition for the remaining 5% stake, Avenir LNG said in a statement on its website on Wednesday.
"As the holder of more than 95% of Avenir LNG's shares, Stolt-Nielsen Gas Ltd is able to acquire the remaining shares in Avenir LNG by way of a compulsory acquisition, in accordance with section 103 of the Companies Act 1981 of Bermuda (the 'Bermuda Companies Act')," the company said.
"The purchase price for the compulsory acquisition is $1.00 per Avenir LNG share (the 'Purchase Price'), which is the same price per Avenir LNG share as in the Transaction."
Avenir LNG has been a prominent LNG bunker supplier, with a fleet of five LNG bunkering vessels, some of which are currently chartered out.
Additionally, two more LNG bunkering vessels are set to be delivered by 2027.
The acquisition of the remaining 5% is expected to be completed by April 16.
