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US court ruling quashes Wilhelmsen’s planned acquisition of Drew Marine

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Dry Bulk,


On Saturday 21 July 2018, the US District Court for the District of Columbia announced that it would grant the Federal Trade Commission’s (FTC) motion for an injunction to block Wilhelmsen Ships Service’s (Wilhelmsen) acquisition of Drew Marine Technical Services (Drew). Following this court ruling, Wilhelmsen and Drew have agreed to abandon the transaction.

CEO of Norway-based global maritime industry group, Wilhelmsen, Thomas Wilhelmsen, commented: “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. We are therefore disappointed that we will not be able to bring the deal to a close.”

Wilhelmsen and Drew have reportedly agreed on a termination fee of US$20 million. According to Wilhelmsen, the fee will now be invoked and have a negative, non-recurring effect on Wilhelmsen’s second quarter accounts, which are to be released on 9 August 2018 at 20:00 CET.

Read the article online at: https://www.drybulkmagazine.com/shipping/25072018/us-court-ruling-leads-wilhelmsen-to-abandon-acquisition-of-drew-marine/

 

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