• Home
  • News
  • Wilhelmsen and Wallenius merge to form world-leading shipping and logistics platform
  • 2016 September 6 11:12

    Wilhelmsen and Wallenius merge to form world-leading shipping and logistics platform

    Wilh. Wilhelmsen Holding ASA and Wilh. Wilhelmsen ASA have signed a Letter of Intent (LoI) with Rederi AB Soya and Wallenius Lines AB whereby the parties have agreed to establish a new ownership structure for their jointly owned investments. The proposed structure takes the partnership, dating back to 1999, to a new level
    The intention is to merge the parties' ownership in the jointly owned entities Wallenius Wilhelmsen Logistics (jointly owned 100%), EUKOR Car Carriers (jointly owned 80%) and American Roll-on Roll-off Carrier (jointly owned 100%). In addition, the parties will merge the ownership of the majority of their vessels and affected assets and liabilities.
    Upon completing the transaction, Wilh. Wilhelmsen Holding ASA and Wallenius Lines AB will have equal ownership in one joint company. The parties plan to own in the region of 40% each. When merging the ownerships, Wilh. Wilhelmsen ASA will issue new shares to Wallenius Lines AB. The final terms and ownership level will be confirmed with the announcement of the final agreement within year-end.
    The new entity, to be named Wallenius Wilhelmsen Logistics ASA, will be based on the existing listing of Wilh. Wilhelmsen ASA and continue to be listed on the Oslo Stock Exchange.
    The head office for the new company will be in Norway.

    Craig Jasienski, currently CEO and president of EUKOR Car Carriers, will become CEO of Wallenius Wilhelmsen Logistics ASA. The board of the new company will have seven to nine shareholder elected members, of which the majority owners will have two members each. Håkan Larsson, current chair of the steering committee for the jointly owned entities, will be proposed as chair of the board.
    "The markets in which the jointly owned entities operate are going through rapid change and require a more agile and efficient business model. In addition to establishing one common owner and governance structure, the proposed merger is expected to enable synergies between USD 50-100 million by combining the assets and harvesting economies of scale, including more optimal tonnage planning, and administrative, commercial, and operational efficiencies between the entities," says Jan Eyvin Wang, president and CEO of Wilh. Wilhelmsen ASA.

    "Changing market dynamics and pressure on margins enforce a fundamental change in how we manage our joint ventures, especially within the shipping segment," says Thomas Wilhelmsen, chair of Wilh. Wilhelmsen ASA, and Diderik Schnitler, chair of Wilh. Wilhelmsen Holding ASA as a joint statement for the reasoning behind the proposed changes. "Together with our Swedish-based partner, we wish to continue to be a world leading player within the car and ro-ro segments and grow our logistics footprint to serve our customers."
    The proposed transaction is subject to due diligence, final agreements on valuation and exchange ratio, negotiation of final legal agreements, approval from relevant competition authorities and the boards, and general meetings of the respective parties. The parties will negotiate in good faith and expect to sign final legal agreements before the end of the year. The final agreements will include a limited shareholders' agreement between the two major owners, dealing with board representation and a right of first refusal if either of the parties sell below 20 %. The proposed transaction is expected to close within the first quarter of 2017.
    A merger prospectus or other kind of information memorandum will be prepared in connection with the general meeting in Wilh. Wilhelmsen ASA that is to approve the merger, with further terms and details in accordance with applicable laws and regulations. The general meeting is expected to take place in the first quarter of 2017.
    Wilh. Wilhelmsen ASA has appointed Arctic Securities as financial advisors and Wiersholm as legal advisors. Rederi AB Soya and Wallenius Lines have appointed SEB Corporate Finance as financial advisors and Setterwalls and Schjødt as legal advisors. EY is acting as joint due diligence advisors.

    Lysaker, Norway headquartered Wilh. Wilhelmsen Holding ASA (WWH)[1] is a global family-owned maritime industry group with workforce of about 17,600 employees and operations in 73 countries worldwide.

    Wallenius Wilhelmsen Logistics is a privately-owned Norwegian/Swedish shipping company, established in 1999 and co-owned by the two shipping companies Wallenius Lines and Wilh. Wilhelmsen. WWL offers a range of logistics services, including supply chain management, ocean transportation, terminal handling, inland distribution and technical services. It is one of the world's largest companies in the transporting of rolling equipment; automobiles, heavy machinery (mining, construction, farming equipment), yachts, trains, power stations and others. Headquartered in Oslo and Stockholm, with main regional offices in New York, Tokyo and Sydney, the company has 7000 (3,300?) employees worldwide and deploys 57 modern vessels servicing 12 trade routes to six continents.

2021 December 2

18:36 NRP buys handysize drybulk carrier
18:06 2M Alliance’s Far East liner service „AE 7/Condor“ calls at Hamburg again
17:54 Icebreaker assistance season starts in Big Port St. Petersburg on December 7
17:36 Vitol is first customer to approve completely digital inspection of cargo tanks
17:15 BIMCO launches new contract for employment of security escort vessels
16:45 GTT will design the tanks of four new LNG carriers ordered by Daewoo Shipbuilding & Marine Engineering to operate in Arctic waters
16:25 MOL announces delivery of next-generation coal carrier 'EeneX' series
16:05 PSA & ONE launch environmentally friendly barge service at Jurong Island Terminal
15:42 “K” Line conducts trial use of marine biofuel for decarbonization on car carrier
15:38 Wärtsilä wins order to supply cargo handling system for second LNG bunker vessel being built by Fincantieri Bay Shipbuilding
15:23 Verifavia launches industry’s first real-time carbon intensity indicator dashboard
14:55 Two more LK-60 icebreakers needed for regular year-round navigation on Northern Sea Route
14:28 Equinor and SSE reach financial close on the third phase of the world's biggest offshore wind farm
14:04 Nuclear-powered icebreaker Sibir to commence operation in Kara Sea in early January 2022 – Vyacheslav Ruksha
13:42 MABUX: Bunker Weekly Outlook, Week 48, 2021
13:02 European shipowners call for further action in the Gulf of Guinea
12:40 Rolls-Royce to supply eight mtu engines for new Svitzer tugs in Brazil
12:01 Throughput of Azov port in 11M’2021 climbed by 1% YoY
12:00 NORDEN simplifies business unit structure
11:36 Norway’s Eksfin tops NOK 10bn in offshore wind financing as Dogger Bank C reaches financial close
11:34 Annual throughput of Severnaya Zvezda project on Taimyr peninsula to exceed 7 million tonnes from 2026
11:10 MABUX: Uncertainty on Global bunker market to continue on Dec 02
10:00 Digital Twin Conference 2022 to be held virtually on 11-12 May 2022
09:33 Crude oil prices are rising in expectation of OPEC+ meeting
09:19 Baltic Dry Index as of December 1

2021 December 1

19:15 PortNews to hold Ship Repair, Modernization and Components Conference on 20 September 2022 in Saint-Petersburg
18:31 DP World celebrates 2,000 members of the Digital Freight Alliance
18:07 CMA CGM and Shell perform first Bio-LNG bunkering operation in Rotterdam
17:42 8 new fuel-efficient ships to join the X-Press Feeders fleet
17:26 Danish Smyril Lines Cargo starts second service between Iceland, the Faroe Islands and Rotterdam
17:06 Port of Antwerp invests in digitalisation of radar infrastructure
16:47 Western Australia and Port of Rotterdam to collaborate on renewable hydrogen
16:05 IMO moves ahead on GHG emissions, Black Carbon and marine litter
15:50 Diana Shipping announces completion of OceanPal spin-off
15:41 RF Federation Council approves Federal Law on Ratification of Nairobi Convention
15:04 Yang Ming adds the latest of its 9th 11,000 TEU ship to the Trans-Pacific service
14:07 SEA-LNG backs Europe’s goal-based, technology-neutral regulation for cleaner shipping
13:50 Liepaja SEZ Board appointed Uldis Hmieļevskis, Deputy CEO, as Acting Manager
13:14 Rolls-Royce extends TBO intervals of mtu Series 4000 engines for commercial marine application
13:03 Oil shipments via CPC Marine Terminal in 11M’21 climbed by 0.7% YoY
12:56 Valenciaport tenders the drafting of the urban development project for areas 2 and 5 of the Special Plan for zone 1 south of the Port of València
12:06 Mostotrest conducted 2,177 operations on raising bridges in Saint-Petersburg over navigation season of 2021
11:45 MABUX: Bunker prices may continue to decline on Dec 1
10:49 Russian Railways' network loading climbed by 3.3% in 11M’2021
10:15 Maersk Customs Services USA highlights trends and opportunities for U.S. importers
09:51 Port of Kiel receives funding for digital test field
09:30 Crude oil prices start rising
09:16 Baltic Dry Index as of November 30

2021 November 30

18:35 ICS urges WTO Director General to prioritise maritime transport in multilateral trade negotiations
18:14 First phase of Tuas Port reclamation works completes
17:53 Finnlines announces bunker surcharge for Malmö-Travemünde-Malmö
17:35 HDB, JTC and MPA, which issue over two-thirds of government invoices, offer e-invoicing through IMDA’s InvoiceNow
17:04 DNV supports world first large-scale testing of submerged CO2 pipelines
16:48 RF Navy’s large anti-submarine ship Vice Admiral Kulakov enters Barents Sea
16:34 Brittany Ferries takes delivery of Salamanca
16:04 Port of Oakland total cargo volume down 20 percent in October 2021
15:50 RF Navy's corvette Gremyashchy and two submarines of Varshavyanka project welcomed in Vladivostok
15:39 Abbey Heimensen appointed to VP of Marketing, MarineMax
15:34 The Port of Barcelona validates its Innovation Plan
15:19 Icebreaker Sibir of Project 22220 completed main part of shipbuilder’s sea trials