Wärtsilä announces recommended cash offer for Hamworthy

Wärtsilä Corporation has reached agreement with the Board of Hamworthy plc, a UK listed ship-based LNG regaisfication company focussed on the marine and oil and gas sectors, in regards to a recommended cash offer for the acquisition of Hamworthy.

Under the terms of the acquisition Hamworthy shareholders will receive 825 pence in cash for each Hamworthy share valuing Hamworthy's entire issued and to be issued share capital at approximately GBP 383 million.The acquisition is conditional on the approval by the shareholders of Hamworthy. The acquisition is expected to be closed during the first quarter in 2012. The acquisition is subject to relevant regulatory approvals in Germany and Norway.

Combining Hamworthy and Wärtsilä will allow both organisations to broaden and enhance their capabilities in rapidly evolving offshore, marine gas applications as well as environmental solutions markets. Both Hamworthy and Wärtsilä will benefit from technology sharing and optimised R&D to enhance position for the global marine and offshore markets.

Gordon Page, Non-Executive Chairman, Hamworthy plc, commenting on the Acquisition said, "The Board believes this is an attractive offer for Hamworthy shareholders, reflecting the strengths of Hamworthy's global positions and its growth prospects. Hamworthy is an innovative, global engineering company, providing high technology products, systems and services to the marine and oil and gas sectors. The combination with Wärtsilä represents a strategic transaction, and Wärtsilä has committed to providing continued stability and opportunity for our employees within the Wärtsilä Group and the continued development of Hamworthy's extensive product and service offering for Hamworthy's customers.”

Read the article online at: https://www.lngindustry.com/lng-shipping/22112011/w%C3%A4rtsil%C3%A4_announces_recommended_cash_offer_for_hamworthy/