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BLT's takeover of Camillo Eitzen fails

BLT's takeover of Camillo Eitzen fails

Jakarta: Berlian Laju Tankers has failed in its attempt to buy Norwegian shipowner Camillo Eitzen & Co and withdrawn its offer. BLT launched a takeover bid for the financially struggling CECO last October in an all share transaction, that would have created the world's largest chemical tanker company with 157 ships. However, talks between the two companies have proved difficult and CECO ended its exclusivity with BLT on a takeover in late January. Talks on the offer by BLT continued, but have failed to bear fruit. "However, unfortunately up to this time such efforts have failed. BLT's board has decided to withdraw its indicative proposal for the voluntary offer for CECO effective immediately," BLT said. The Indonesian company said it remained positive to continue discussions with CECO with a view to a transaction at some point in the future. Peter Knudsen, ceo of CECO, said the company is "continuing to pursue other strategic alternatives". [22/03/10]

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