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>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 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 1

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >