Tag: Rati

SHI Drops Merger Plans with Samsung Engineering

first_imgzoom The previously announced merger between South Korean shipbuilder Samsung Heavy Industries and Samsung Engineering has been cancelled as shareholders opposed the move, the shipbuilding giant said in a filing to Korea stock exchange yesterday.The shareholders voiced their concern that the USD 2.5 billion deal exceeded the agreed amount of stock purchase ceiling adding that, as a result, it could be damaging to shareholder value.According to the filing, shareholders had requested the two companies to repurchase their stock for a higher-than-budgeted USD 1.5 billion, which resulted in the decision to pull back as the benefits were not as expected, especially since both companies’ shares took a plunge recently.The merger between Samsung Heavy Industries and Samsung Engineering was decided in September, the objective being creatiation of a “world-class total solution provider for shipbuilding and onshore and offshore services.”According to SHI, the merger ratio was supposed to be fixed at 1:2.36.Under the plans, Samsung Heavy Industries issued new stocks so that the shareholders of Samsung Engineering can exchange their shares for the Samsung Heavy Industries’ shares and receive 2.36 Samsung Heavy Industries shares for every Samsung Engineering share they own.Samsung Engineering, which has focused its business in onshore hydrocarbon plants, was supposed to diversify into high value-added projects such as onshore LNG and offshore plants by securing Samsung Heavy Industries’ offshore plant fabrication capabilities.The merger was intended to give the two companies a chance to become a global top-tier EPC (Engineering, Procurement and Construction) company.The decision to pull back from the merger could hamper the restructuring plans of the Samsung Group.World Maritime News Stafflast_img read more

Second weekend in EHF CL 912

Nine wins of home team, only one draw in the Danish Aalborg and two good performance by the visitors, that was the second weekend of the VELUX EHF Champions League 2014/2015.GROUP A:THW Kiel : NAturhouse La Rioja 34:32 (20:16)Meškov Brest‒ Metalurg 28:24PSG ‒ PPD Zagreb 27:22GROUP BBarcelona ‒ Wisla Plock 30:25Bešiktaš ‒ Kolding 24:33Flensburg ‒ Alingsas 31:21GROUP CVardar – Čehovski Medvedi 39:28 (24:12)Veszprem ‒ Rhein Neckar Löwen 27:24 (10:11)Montpellier ‒ Celje PL 30:25GROUP DVive Tauron Kielce ‒ Pick Szeged 37:32Motor Zaporožje ‒ Dunkerque 21:23Aalborg ‒ Kadetten Schaffhausen 23:23 EHF CL ← Previous Story EHF CL: Barcelona and KIF Kolding notch second wins Next Story → EHF CL ROUND 2 – BEST 7: Second nomination for Alex Dujshebaev

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