Mon 9 Jan 2012, 15:06 GMT

Hamworthy shareholders vote in favour of Wärtsilä takeover


Shareholder approval paves the way for Wärtsilä acquisition to go ahead.



Wärtsilä has announced that, at both the Court Meeting and General Meeting of Hamworthy plc, held earlier today in relation to Wärtsilä's recommended acquisition of Hamworthy by way of Scheme of Arrangement, all the resolutions proposed received the strong support of Scheme Shareholders.

At the Court Meeting, a majority in number of Scheme Shareholders who voted (either in person or by proxy) and who together represented over 75 percent by value of the votes cast, voted in favour of the resolution to approve the Scheme. The resolution was accordingly passed.

At the General Meeting, the special resolution to approve certain matters necessary to implement the Scheme were also passed by the requisite 75 percent majority.

The proposed acquisition has received clearance from German and Norwegian antitrust authorities and the relevant condition in the offer announcement has therefore been satisfied.

Completion of the Acquisition remains subject to the satisfaction or waiver of the other Conditions, including the Court sanctioning the Scheme and confirming the associated Reduction of Capital at Court hearings which are expected to take place on 26 January and 30 January 2012 respectively.

Subject to the Scheme and the associated Reduction of Capital receiving the sanction and confirmation of the Court on those dates, the Scheme is expected to become effective on 31 January 2012.

Commenting on the results of the vote, Björn Rosengren, CEO, Wärtsilä Corporation, said: "We are delighted that the shareholders of Hamworthy have voted in favour of the Scheme. We believe strongly that by combining our resources with Hamworthy, we will be able to broaden and enhance our capabilities in rapidly evolving offshore, marine gas application, and environmental solutions markets. We welcome the management and employees of Hamworthy to Wärtsilä and look forward to combining our expertise and experience for the benefit of our customers around the globe."


Arctic Tern vessel. Wallenius Wilhelmsen takes delivery of first methanol-ready Shaper Class vessel  

The dual-fuel Arctic Tern will enter service on the Asia–Europe trade almost immediately.

Al Muraykh vessel. Hapag-Lloyd signs shore power agreement with Hamburg Port Authority  

Deal commits the carrier to using onshore power supply at all Hamburg terminals.

Dorthe Karin Bendtsen, KPI OceanConnect. KPI OceanConnect reports 21% rise in pre-tax earnings for 2025/26  

Marine fuel firm delivers 13 million tonnes and expands carbon markets capabilities amid geopolitical turbulence.

VTTI logo. VTTI Dalian completes first large-scale 'green methanol' vessel loading  

Cargo to be supplied as marine fuel in Shanghai.

Steff Tan, Oilmar. Oilmar appoints Steff Tan as marine fuels trader in Singapore  

New hire's background spans bunker operations, logistics, commercial trading, marketing, and business development.

Feng Da Hai vessel. Cosco Shipping adds methanol-ready bulk carrier Feng Da Hai to fleet  

The 64,000-tonne vessel is equipped with a methanol fuel system for future low-carbon operations.

Oilmar office in Dubai. Oilmar welcomes summer intern to Dubai branch  

Arpit Aryan will rotate across the bunker fuel trading, finance and operations departments.

Aerial view of the Dubai skyline. Oilmar takes on trading and finance intern in Dubai  

New intern to rotate across trading, operations and finance teams.

Seaspan and Maersk signing. Seaspan and Maersk deepen fleet efficiency collaboration with $75m upgrade programme  

Retrofit package for four 13,000-teu vessels includes installation of shaft generator to reduce auxiliary engine fuel consumption.

European Parliament building in Brussels. EU Parliament vote on soy biofuels could expose bloc to $5.6bn a year in trade sanctions  

MEPs reject regulation that would have phased out soy biofuels, risking WTO retaliation penalties.