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GL workers cite Asia in rejecting BV "hostile" bid

GL workers cite Asia in rejecting BV "hostile" bid

Hamburg: The Works Council of Germanischer Lloyd has today vehemently rejected what it terms a hostile takeover bid by Bureau Veritas, calling on the GL Executive Board to prevent it by whatever means.

BV had cited the need for critical mass in Asia as a major rationale behind its bid. The GL Works Council counters that "Over the past few years, we have managed to build up a very successful position in Asia. And the course has already been set for GL's continued expansion in Asia. We really don't need BV to help us go forward!"

Ship classification is only a "mini-sector" for BV, it adds, contributing just 11% to the total turnover of the "extremely profit-oriented" French group. "In the view of the Works Council, safety and profit orientation do not go very well together."

The Council concludes by pointing out that GL currently has a network of offices in 173 locations in 75 different countries, and has been in existence as an independent entity for almost 140 years. This latest threat to GL's "independence and values" has only served to strengthen the company, it believes.  {23/11/06]