Watching the World: A marriage of inconvenience

12/18/2000
One would have not a little difficulty convincing Aker Maritime AS and Kvaerner AS that the industrial logic of the consolidation has found its niche in the turn-of-the-millennium oil industry. The business of mergers and acquisitions has so far been nothing but heartache for these Norwegian offshore construction rivals. Back in August, Kvaerner made a hostile play for its compatriot, tabling an all-shares bid for Aker through which the latter's shareholders would receive 0.79 of one Kvaerner share for each Aker share held. Aker's board of directors succeeded in persuading company shareholders to reject the offer on the grounds that it undervalued Aker, adding, significantly, that...
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