RORO: MSC To Commence Auto liner Operations
The takeover offer by MSC’s SAS Shipping Services for Gram Car Carriers (GCC) has been accepted by 97.81% of shareholders.
The acquisition of GCC is a bid to expand MSC’s position in car transportation where it currently operates two 6,700 ceu car carriers. GCC is the world’s third-largest tonnage provider of Pure Car Truck Carriers (PCTCs) with 17 vessels.
SAS made a cash offer for all shares in GCC for a total of NOK7.643bn ($700m) or NOK263.69 per share and following completion of the offer it owns 28,351,400 shares or 97.81% of the Norwegian shipowner.
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The SAS is a wholly owned subsidiary of MSC.
As it owns more than 90% of the shares in GCC SAS plans a compulsory acquisition of the outstanding shares it does not own.
The company now plans to pursue a delisting of GCC from the Oslo Stock Exchange. It will also withdraw GCC’s shares from trading on the OTCQX Best Market from 25 July.
SAS previously said it aims to continue GCC operations under the same name and organisation
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