Wednesday, August 30, 2017

Norway Clears Shipping Lines Acquisition

Nor Line Buy Out by Samskip to Proceed
Shipping News Feature
NETHERLANDS – NORWAY – The Norwegian Competition Authority has cleared the proposed acquisition of Norwegian freight shipping firm, Nor Lines, by Dutch logistics company, Samskip. The competition commission found that the acquisition of activities associated with Nor Lines AS would not result in a significant impediment to effective competition.

Last month Samskip agreed with the DSD Group to acquire the activities of Nor Lines to expand its shipping, transport and logistics businesses in Norway. Samskip hopes that this acquisition will generate an average annual turnover of €110 million. The transaction is expected to be completed in the next few days. Ásbjörn Gíslason, Chief Executive Officer, Samskip Logistics, commented:

“We are very pleased that the Norwegian Competition Authority has cleared the Nor Lines takeover. It represents a major opportunity for Samskip; a natural but significant extension of our shipping and logistics activities in Norway to further broaden our customer offerings.”

DSD says that it will retain ownership of 3 ships that will be engaged in chartering agreements of varying length to the merged Samskip/Nor Lines entity. Furthermore, DSD will retain the company and the activity related to Baltic Line AS.