BW Group has achieved majority control of Oslo-listed spin-off BW Energy after a mandatory offer rejected by the company and sister outfit BW Offshore.
The offer period ended on Friday with BW Group receiving acceptances for 30.9m shares, adding to its own 103.2m, giving it a stake of 51.96% — a chunk worth $347m.
BW Group and BW Energy chairman Andreas Sohmen-Pao said: “We are pleased to have fulfilled our legal obligation to make a mandatory offer to all shareholders after crossing the 40% ownership threshold for BW Energy, and look forward to continued efforts to build the company.”
