Shipper Camillo Eitzen makes slow debut in Oslo

29 Jun, 2004

Norwegian shipping group Camillo Eitzen & Co made a slow debut in Oslo on Monday, trading around the bottom of its indicative price range, valuing the firm at 1.07 billion crowns ($159.1 million).
The company - which operates vessels for transporting chemicals, bulk goods and gas as well as combination ships - said it had raised 301 million crowns in a public share issue, helping it pursue a plan to expand in the chemicals segment.
The stock traded at 35 crowns at 1010 GMT, unchanged from its initial public offering (IPO) price, which was at the lower end of an indicative price range of 35-38 crowns for the 8.6 million shares tendered. The Oslo benchmark index was flat.
The company said some of the newly raised cash would be spent on new take-overs.
"The result of the public offering and the acquisitions will fulfil the company's goal of the expansion within the chemical tanker industry," Camillo Eitzen said in a statement. Camillo Eitzen has signed a preliminary deal to buy the remaining 20 percent of Eitzen Bulk AS.
The firm said it was also negotiating with Ocean Bulk B.V. and Zither Building & Electro Management B.V. - controlled by Norwegian shipping tycoon John Fredriksen - to buy Spanish chemical vessel operator Naviera Quimica, S.A for $47 million.

Read Comments