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BLT ditches Eitzen deal

BLT ditches Eitzen deal
Jakarta-based PT Berlian Laju Tankers has ended discussions with Norway?s Camillo Eitzen regarding a planned acquisition.

BLT ditches Eitzen deal.

Jakarta-based PT Berlian Laju Tankers has ended discussions with Norway"s Camillo Eitzen regarding a planned acquisition.

The two companies had been in talks for over five months regarding a potential take over, but have failed to make any headway. The original announcement in October had tabled a completion of the transaction in November.

In January, the two companies announced they would end the exclusivity that Singapore-listed BLT had over the acquisition, allowing Eitzen to look for other offers. The two companies had ben unable to resolve a number of financial differences in relation to the take over.

There had been hopes that an agreement could still be reached but Eitzen has today issued a statement stating: ?Unfortunately up to this time such efforts have failed. In light of the foregoing, BLT"s board has decided to withdraw its indicative proposal for the voluntary offer for [Eitzen] effective immediately.?

If the merger had gone ahead it could have created one of the largest tanker companies in the industry with 157 chemical tankers, 14 oil tankers, 42 gas tankers, 50-60 bulk carriers and one floating production storage and offloading unit.

However, BLT has said it remains positive to continue discussions with Eitzen with a view to a potential transaction at some point in the future, while the Oslo-listed operator has said it is continuing to look at other strategic options.


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