After the [ds_preview]acquisition offer expired on Monday, BW LPG increased its stake in Aurora LPG by almost 60% leaving the company with 92.71% of all shares.Â
The Oslo-listed company launched a voluntary unconditional offer to buy Aurora’s outstanding shares in late October when it owned a 32.79% stake. The offer comprised an all-cash (12.3 NOK) or a cash plus shares option (0.3175 shares and 6.15 NOK).
»We remain confident that the combination will create a stronger player in the challenging environment in the LPG shipping industry«, says CEO Martin Ackermann.
BW LPG is the world‘s leading owner and operator of LPG vessels. It currently owns and operates 43 Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC) with a total carrying capacity of over 3.1 mill. cbm. In addition, the company has 4 VLGC newbuildings under construction.
For the third quarter the company reported a loss after tax of 60.4 mill. $ compared with a profit after tax of 106.2 mill. $ in Q3 2015, mainly due to depressed LPG spot rates and impairment charges on certain vessels as well as on the investment in Aurora LPG.
