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BW made offer to acquire shares

BW made offer to acquire shares
BW Group Limited, through its subsidiary World Nordic SE, has made an offer to aquire all the shares in BW Gas Limited it does not already own.

BW Group Limited, through its subsidiary World Nordic SE, has made an offer to aquire all the shares in BW Gas Limited it does not already own.

BW Group Limited, through its subsidiary World Nordic SE, has made an offer to aquire all the shares in BW Gas Limited it does not already own. World Nordic stated the following in a stock exhchange notice on 3 April:

"World Nordic SE ("World Nordic"), a subsidiary of BW Group Limited, announced today that it is offering to acquire for cash all issued and outstanding shares in BW Gas Limited ("BW Gas") other than the 385,840,898 BW Gas shares already owned by World Nordic, on the terms and subject to the conditions set out in the offer document dated 3 April 2009 (the "Offer Document"). The offer price is set at NOK 21.0 per share and values the equity of BW Gas at approximately NOK 8,558 million. The cash offer price of NOK 21 per share represents a premium of 20.6% compared to the volume weighted average share price on Oslo Børs over the last 1 month period ending on 26 March 2009, the last trading day prior to World Nordic's public announcement that it had acquired 18,277,300 BW Gas shares at NOK 21 per share and intended to proceed with an offer. Furthermore, the cash offer price represents a premium of 68.2% to the volume weighted average share price on Oslo Børs over the last 1 month period ending on 16 January 2009, the last trading day prior to the World Nordic's public announcement that it had acquired 15,455,294 BW Gas shares of NOK 21 per share, and announced that it considered making an offer for all the remaining shares.

As a result of a low take-up rate in the previously announced rights offering and following the latest purchase of 18,277,300 shares in BW Gas by World Nordic, World Nordic currently owns 94.67% of the issued shares in BW Gas. Given the expected low liquidity in the trading of the shares, World Nordic would like to provide the minority shareholders of BW Gas with an opportunity to exit at the same price that was offered and accepted by the Company's next two largest shareholders, as reported on 19 January 2009 and 27 March 2009, respectively.

The Offer Period commences on 3 April 2009 and expires at 17:30 CET on 22 April 2009."

www.TurkishMaritime.com.tr

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