05 November 2009 17:30 [Source: ICIS news]
LONDON (ICIS news)--Camillo Eitzen & Co’s (CECO's) take-over by Indonesia shipping giant PT Berlian Laju Tanker (BLT) has been delayed as discussions between the two companies continue, the Norwegian shipping group said on Thursday.
“The parties recognise that the intended timeline as originally announced, which included an ambition to launch the offer by mid-November and close the offer within the end of November, will not be met," CECO said in a statement.
The companies were continuing discussions with a view to enabling BLT to launch a voluntary offer, and were, together with their advisers, working to resolve various conditions, CECO added.
“CECO and BLT are working constructively to resolve the issues that remain outstanding. The parties' objective is to provide a further update on the timeline for the process in due course,” CECO said.
BLT had agreed to buy CECO for Norwegian kroner (NKr) 1bn ($176m, €118m) in a deal that would give it the largest chemical tanker fleet in the world.
($1 = NKr5.67, $1 = €0.67)
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