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BV seeks to merge with GL to increase Asian share

BV seeks to merge with GL to increase Asian share

Shanghai: Paris-based classification society Bureau Veritas (BV) has announced its plans to acquire majority shareholding in Germanischer Lloyd (GL) with a view to increase its presence in the Asian markets. 

A  union would give the companies' marine division over 13,000 vessels in class internationally, making it the world's top market operator in terms of the numbers of classified vessels (26% market share; 16% total market tonnage), orders in hand, and turnover.

Frank Piedelièvre, president and ceo of BV said, "Such a position would be particularly important in Asia, where major investment will be needed moving forward - particularly in China - to meet the needs of the fast-developing shipping industry."  Furthermore, the joint headquarters of the companies would be based in Hamburg, which has been dubbed "Europe's gateway to Asia for the shipping industry."  [14/11/06]