COMPLETES LIMITED DIVESTITURE OF AKER KVÆRNER SHARES
- Aker Kværner is developing very well, and Aker has great faith in its future. As an active owner, we will continue to contribute to Aker Kværner`s expertise and capacity, so that the company can further develop and strengthen its market positions, says Aker Chairman and President and CEO Leif-Arne Langøy.
Aker Kværner ranks among the world`s foremost suppliers of engineering and construction services, technology products, and integrated solutions - mainly for the oil and gas industry in Norway and internationally. Aker Kværner was established in its present form in the spring of 2004, by and with Aker as its majority shareholder, and exchange listed at NOK 130 per share.
In January 2005, Aker contributed to the increased liquidity of Aker Kværner shares by reducing its ownership interest in Aker Kværner to 50.01 percent. Today`s share divestiture can stimulate greater turnover in Aker Kværner shares. This development is considered positive for the share, in the opinion of the sale transaction`s lead managers SEB Enskilda Securities and UBS Investment Bank.
Aker Kværner remains Aker`s largest investment and commitment, representing 45 percent of the active ownership company`s investments, compared with 56 percent prior to the share sale. Aker Yards represents 15 percent and Aker BioMarine 10 percent of Aker`s investments.
- The share sale gives Aker a more balanced portfolio of industrial ownership interests. Aker remains a long-term, active Aker Kværner owner - and we have no plans to sell additional Aker Kværner shares, says Langøy. - No extraordinary dividend or payments will be made to Aker shareholders as a result of the share sale, he says.
The sale of shares strengthens Aker`s ability to further target industrial development. The cooperation among Aker Kværner, Aker Yards, and Aker has generated substantial value for customers, society, and shareholders in recent years.
- This value-creating triangle will be developed further, as it is a source of many business opportunities, Langøy says.
Transaction detailsThe share transaction results in a NOK 2.9 billion accounting gain for Aker. The shares were purchased by international and Norwegian institutional and private investors.
The sale frees up liquidity, strengthens the balance sheet further, and increases Aker`s financial clout for additional industrial moves.
- In line with our expressed practice, the parent company Aker ASA will avoid any significant lending. Our shareholders will be ensured future dividends, while participating in the value creation at Aker`s main companies and through the development of new business ideas and projects, says Langøy.
Aker`s dividend policy remains unchanged. Regarding the sale of Aker Kværner shares, Aker`s Board of Directors has confirmed that Aker`s dividend payment will amount to between two and four percent of the company`s value-adjusted equity. The determination of value-adjusted equity is based on the share price of Aker`s listed investments.
For further information, please contact:Geir Arne Drangeid, EVP, Aker ASA, tel: +47 913 10 458