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Norway’s Wilh. Wilhelmsen Holding has moved to take full control of its majority-owned investment vehicle Treasure, which holds a major stake in South Korean shipowner Hyundai Glovis.
Wilhelmsen, which controls 77.96% of the Oslo-listed Treasure, is offering NOK20 per share it does not own, valuing the company at about NOK4.1bn ($378m).
The Seoul-based diversified owner is best known for its car carrier fleet as the logistics unit of Hyundai Motor Group, but it also has tankers, bulk carriers and newbuilds in the gas shipping segment set to enter the market next year. Treasure owns 11% of Glovis shares worth well over $500m.
Wilhelmsen said it may consider delisting Treasure from the Oslo Stock Exchange if, following completion of the offer, its shareholding reaches around 90%.
Arctic Securities is acting as financial advisor to Treasure and receiving agent for the offer, which stands until July 5. Nordea funds, which also have ownership interests in Wilhelmsen, are the second largest shareholders in Treasure with a combined stake of some 9%, with Folketrygdfondet in third place with 3.72%.
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