As per the UK Competition Commission’s final report issued on 9 February 2007, the UK Competition Commission has confirmed that the proposed acquisition of Adsteam Marine Limited (“Adsteam”) by SvitzerWijsmuller will not result in a substantial lessening of competition outside the Port of Liverpool and that it considers that the sale of either SvitzerWijsmuller’s or Adsteam’s current Liverpool business would fully address its concerns.
In order to address the UK Competition Commission’s concerns, SvitzerWijsmuller has been advised that Adsteam has entered into an agreement to sell Adsteam’s current Liverpool harbour towage business to SMIT. The completion of the sale is conditional upon:
- written approval of the sale from the UK Competition Commission; and
- SwitzerWijsmuller’s takeover bid for Adsteam becoming or being declared unconditional in all respects and Adsteam becoming a subsidiary of SvitzerWijsmuller.
SvitzerWijsmuller welcomes this initiative to address the UK Competition Commission’s concerns and hopes that the sale of Adsteam’s Liverpool harbour towage business to SMIT will be completed over the next coming weeks once the above conditions have been met.
In respect of SvitzerWijsmuller’s Offer for Adsteam, SvitzerWijsmuller urges Adsteam shareholders to follow the recommendation of their board and accept the Offer, without delay. The Offer is scheduled to close at 7.00pm (AEST) on 16 March 2007, unless extended.
Furthermore, in order to increase the likelihood of an accelerated payment of the cash consideration payable under the Offer, as set out in the Ninth Supplementary Bidder’s Statement dated 22 February 2007, it is important that Adsteam shareholders accept the Offer as soon as possible and in any event no later than 7 March 2007.
SvitzerWijsmuller will continue to keep Adsteam shareholders informed of any material developments.
For further details please contact:
SvitzerWijsmuller A/S
Jesper T. Lok
Chief Executive Officer
SvitzerWijsmuller A/S
Phone: +45 39 19 39 19
MEDIA INQUIRIES:
Australia:
Third Person
Ms. Jan Eakin
Phone: +61-2-82986100
Mobile: +61-422997161
United Kingdom:
Financial Dynamics
Mr. Simon Elliot
Phone: +44-77-11-387-084
Mobile: +44-207-269-9318