John Fredriksen attempting take over of Pride?
The Norwegian shipping magnate John Fedriksen is involved in a fight for control over the US oil rig company Pride. Self-made Norwegian shipping tycoon John Fredriksen has made another move in the rig market. His rig corporation, Seadrill, snatched up 10 percent in American competitor Pride.
Fredriksen is known as a tough businessman, and one of his specialties have been asset play. With the international market for oil rigs in the process of heating up, and with prices hitting record levels recently, this recent play from Fredriksen seems to make sense. But he is also building up an empire of companies worldwide, most of them involved in shipping and oil.
Houston-based Pride International, is worth about USD 6,8bn, while Seadrill has a market value of about USD 12,5 billion. Aftenposten (Norway) brings the following comment:
“Seadrill has had the ambition to become the world’s largest rig company,” said analyst Kjetil Bakken in Fondsfinance to E24.
“If they are successful in buying Pride, they’ve come further. A merged company would become the second largest in the world, ahead of Diamond and after Transocean,” said Bakken.
Reuters writes that Seadrill views the share purchase in Pride as a financial investment.
Seadrill declined to comment on whether the move was a step towards a takeover of Pride.
The odd piece of information, strange facts, comments on news, ranting and rambling. Kicks and licks. Fun, irony and sarcasm, often, though, with some serious intention.
I live and have lived in Europe and the US. I like both.
I’m nekkid, so no need to undress me. Don't bite me. I much prefer stroking.
August 9th, 2009 at 2:03 am
[...] senare år har John Fredriksen börjat släppa in sina tvillingdöttrar i styrelserna för företagen. Cecilie Astrup Fredriksen [...]