Wilhelmsen Abandons Drew Marine Deal after US Ruling

Thomas Wilhelmsen, Group CEOThomas Wilhelmsen, Group CEO; Image Courtesy: Wilhelmsen

Oslo-listed Wilhelmsen has abandoned the acquisition of US company Drew Marine Technical Services after the US competition authorities moved to block the deal.

The parties agreed to abandon the transaction as the US District Court for the District of Columbia informed that it would grant the Federal Trade Commission’s (FTC) motion for an injunction to block Wilhelmsen’s acquisition move.

“We disagree with the views of the US competition authorities. This would have been an important strategic investment for our group, which we believe would have meant better services and better prices for our customer,” Thomas Wilhelmsen, group CEO in Wilhelmsen, said.

He added that the company is disappointed that it will not be able to bring the deal to a close.

Wilhelmsen and Drew have agreed on a termination fee of USD 20 million, which will now be invoked and have a negative non-recurring effect on Wilhelmsen’s second quarter accounts.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2018 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Maritime Reconnaissance & Surveillance Technology

Now in its 4th successful year, Maritime Reconnaissance & Surveillance Technology is the only event that specifically.

read more >

GREENTECH IN SHIPPING GLOBAL FORUM

The mindset of sustainability and efficiency is the key to unlocking successful business…

read more >

LNG2019

LNG2019 features the largest number and highest level of LNG industry leaders.

read more >