- Stolt-Nielsen, a major chemical tanker player, has bolstered its position in Odfjell, a Norwegian competitor, becoming its second-largest shareholder.
- Stolt-Nielsen now holds approximately 8.2 million class A shares of Odfjell, representing a 13.6% ownership interest, trailing only Norchem in Denmark, controlled by Odfjell chairman Laurence Odfjell.
- Johan Odvar Odfjell has sold his 5.3% stake in Odfjell, valued at around NOK360 million, through his investment vehicle Farvatn II, coinciding with Stolt-Nielsen’s increased investment.
- Stolt-Nielsen’s tanker unit operates the world’s largest fleet of approximately 160 chemical carriers, while Odfjell maintains a fleet of about 70 ships and a tank terminal division, including four tank terminals within its network.
- Stolt-Nielsen crossed the 5% ownership threshold in Odfjell in March 2022, sparking rumors of a potential merger. However, Stolt-Nielsen’s CFO, Jens Grüner-Hegge, clarified that the move was primarily a financial investment, while Laurence Odfjell dismissed the possibility of consolidation between the two companies.
Stolt-Nielsen Strengthens Position In Odfjell
Stolt-Nielsen, a leading player in chemical tankers, has raised its investment in Odfjell, a Norwegian competitor, solidifying its position as the second-largest shareholder in the company.
The Oslo-listed firm has accumulated about 8.2m of the class A shares, equaling 13.6% ownership interest, second behind Norchem in Denmark, which sits comfortably at the top and in which Odfjell chairman Laurence Odfjell has a controlling interest.
The move coincided with Johan Odvar Odfjell offloading his 5.3% stake in the company worth about NOK360m through his investment vehicle Farvatn II.
Stolt-Nielsen vs. Odfjell Amid Ownership Talks
Stolt-Nielsen’s tanker unit operates the world’s largest fleet of about 160 chemical carriers. At the same time, the Odfjell group has a fleet of approximately 70 ships and a tank terminal division consisting of four tank terminals, which is part of a network of another 10 tank terminals partly owned by related parties.
The Udo Lange-led company crossed a 5% ownership threshold at Odfjell in March 2022, sparking merger speculations. Still, Stolt-Nielsen’s chief of finance, Jens Grüner-Hegge, told Splash at the time the move was a financial investment, while Laurence Odfjell noted that consolidation of the two companies was not realistic.
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Source: splash247
