Oaktree eyes Solvtrans

Giant US fund Oaktree has launched a takeover offer for Norwegian wellboat owner Solvtrans in its latest shipping move.

It is forming Silver Holdings together with Solvtrans CEO Roger Halsebakk's Dolstein Invest and chairman Anders Hvide's A Hvide Holding.

Halsebakk is currently the largest shareholder with 30.4%.

The voluntary offer is for all the outstanding shares at NOK 35 each, compared to NOK 34.50 on Friday in Oslo.

This values the company at NOK 602m ($101m).

Directors not connected with the bid have "concluded that the price is at a level where the shareholders ought to be able to receive and evaluate the offer," the company said.

Board member Torstein Dehn is the indirect owner of 80,000 shares through Kalven Shipping and intends to accept the offer unless a higher competing bid is announced.

Solvtrans operates a fleet of live-fish carriers.

Oaktree has interests in crude tankers, products carriers, bulkers, chemical carriers, boxships, heavy-lifters, offshore vessels and ship mortgages, through investments in or alliances with companies like Genmar, Rickmers, Beluga, Excel and Navig8.

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