Klaveness seeks control of NOCC

Norway’s Klaveness group is teaming up with JP Morgan to launch a takeover offer for Norwegian Car Carriers (NOCC).
Tom Erik Klaveness

Tom Erik Klaveness

Oslo-listed NOCC said on Monday the voluntary cash deal will be at NOK 2.17 per share from Car Carrier Investments (CCI), a newly established company owned 50/50 by Klaveness Invest and JP Morgan Global Maritime Investment Fund.

The bidder wants to buy and add to the 29.8% stake held by Klaveness Ship Investments (KIS), the largest NOCC shareholder. KIS has agreed to sell.

The offer values NOCC at NOK 526m ($41.43m) and represents a premium of 28% to the closing share price of NOCC on 17 January.

The announcement immediately boosted the stock 27.65% on Monday, approaching the offer price.

NOCC said shareholders representing another 11.15% have also agreed to sell up, giving CCI a potential 40.99% slice already.

It added that the bidder had been offered a chance to undertake due diligence before the announcement.

No board backing

NOCC's board is not recommending the offer at the current price, however, but will study the offer document before making further comment.

The offer will be valid only if more than 90% of the company is won. The bidder has also asked NOCC not to acquire or sell any ships during the offer period.

The second biggest shareholder is Hesnes Investment with 7.1%, with Bergshav and Wilhelmsen Lines close behind.

The Oslo Stock Exchange is expected to approve the offer on 23 January.

KIS is represented on the board of directors of NOCC by Kristine Klaveness and chairman Carl Petter Finne, who had no further comment on the transaction when contacted by TradeWinds.

Klaveness Invest is owned by Klaveness Marine Holding, which is headed by Finne and was established as a result of the de-merger of the Torvald Klaveness Group in 2011. It is controlled by Tom Erik Klaveness, Karianne Klaveness Holmen and Kristine Klaveness.

In October, Jan Frederik Dyvi quit the NOCC board three years after the company was formed via the merger of Eidsiva and Dyvi Shipping.

Dyvi became vice-chairman following the 2010 deal which created the world’s fourth largest car carrier tonnage provider.

Dyvi and his family were the major shareholders after that union with 32.35% of the stock, but the name no longer appears on the list of top investors.

NOCC then attracted major new investment, notably from Tom Erik Klaveness and Atle Bergshaven.

Nordea is advising the two bidding companies.

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