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Monday, September 18, 2000


Aker Maritime board advises against Kværner offer

Kjell Inge Røkke obviously isn't tempted too much by Kværner's voluntary offer to buy all the shares in Aker Maritime with a view to coordinating the
two companies' activities.

Røkke controls 100% of Aker RGI which, in turn, owns 63% of Aker Maritime. Back in July, Aker Maritime bought a 26.39% chunk of Kværner.
Kværner's response was its offer for Aker Maritime.

Now the Aker Maritime has evaluated the bid and says it is highly
conditional and subject to Kværner's complete and absolute discretion. It says that its adviser, Chase Manhattan plc, concludes that the offer is not fair from a financial point of view, the offer is not fair.

The board does not believe that the offer reflects the full value of Aker Maritime, and recommends shareholders not to accept it.

Since Røkke's Aker RGI,with its 63% holding, has stated it will not accept.
Kværner's requirement to acquire 90 per cent of the shares will
consequently not be met.

Aker Maritime says that, since this summer, it has studied how an industrial combination between Aker Maritime and Kværner could be implemented.
"Such a combination," says the Aker Maritime board, "would be beneficial, but results of the work so far indicate that the potential in both Kværner's and Aker Maritime's activities would clearly be realized to a greater degree through other structural solutions currently being discussed, than that represented by Kværner's offer.

The board of Aker Maritime wants the company's management "to develop
these alternatives further and to present an overall plan for the combination and further development of the various activities in Aker Maritime and Kværner.

 

Frontline set for Golden Ocean take-over
The creditors of Golden Ocean and the bankruptcy court in Wilmington,
Delaware have approved Frontline's plan for restructuring of
Golden Ocean.The effective date for the full take-over of Golden Ocean is
set for October 2 . After that date Frontline will own 100 % of
the equity of the restructured Golden Ocean Group.

Golden Ocean, which has interests in 13 VLCCs and 10 bulk carriers
will be kept as a "non-recourse subsidiary" within the Frontline Group
but will, from October 2, be fully consolidated in Frontline's
accounts.

 

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