2012年排列三走势图:BW Group Set to Buy LPG Carrier Epic Gas

BW Group Set to Buy LPG Carrier Epic Gas

BW Group Set to Buy LPG Carrier Epic Gas

Buyout extends expansion plan for world’s biggest ocean carrier of propane and butane

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LPG ships mostly move butane and propane used for heating, cooking and as a vehicle fuel.?PHOTO:?ANNIE SAKKAB/BLOOMBERG NEWS

By?Costas Paris

March 19, 2019 3:05 p.m. ET

 

BW Group, the world’s biggest operator of liquid petroleum gas ships, is pushing ahead with acquisition-fed expansion with plans to buy all of the remaining shares of LPG-ship owner Epic Gas that it doesn’t already own.

BW?is offering $1.60 per shareshare, and Epic said it welcomed it as a strategic partner and investor. Investors have until April 16 to accept the offer.

BW, based in Norway and Singapore, is making the move after acquiring a 54.7% stake from existing owners earlier this year for roughly $50 million.

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The buyout will add 39 small LPG ships to BW’s fleet of 44 large LPG ships which are worth roughly $2 billion, according to marine data provider VesselsValue. BW operates a total of 70 gas vessels, which includes liquefied natural gas carriers.

LPG ships mostly move butane and propane used for heating, cooking and as a vehicle fuel.?It is a growing market, powered by strong demand by Asian countries including China and India, South Korea and Singapore.

Epic shares on Tuesday closed up 28% at 14.10 Norwegian krone ($1.65) on Oslo’s Merkur Market, a multilateral trading facility operated by the Oslo Stock Exchange.

BW took over all of Denmark’s Hafnia Tankers, a Danish gas carrier operator last December after buying a 36% stake in the company in July 2018.

The company dropped a hostile, $1.1 billion takeover bid for U.S.-based Dorian LPG October after its owner John Hatzipateras said the offer was too low.

 

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