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BLT resolves Camillo Eitzen takeover payment puzzle

Indonesia: Berlian Laju Tankers is to issue shares to Camillo Eitzen & Co shareholders as payment for its takeover offer announced last year. BLT's takeover of CECO was originally to have been carried out through the issue of mandatory exchangeable bonds, however, the plan was rejected by Indonesian financial regulators.

The Indonesian tanker owner said it had finally settled on a rights issue to CECO shareholders, a "proven concept" in Indonesia reducing the risk of execution to the transaction.

BLT said the transaction "maybe completed" by mid-June 2010. CECO board of directors remained positive on the completion of the transaction but would not extend the exclusivity agreement with BLT.  [27-01-10]

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