BW LPG has brought its holding in Oslo-listed rival Aurora LPG to nearly 70%.
The Singaporean company said its offer for the Norwegian VLGC specialist has received acceptances for another 3.42%.
With the pledge from a shareholder in control of more than 4.9 million shares, and along with the stock already owned by BW LPG, the company now has a 68.05% stake in Aurora.
BW LPG is paying NOK 16 ($1.93) in cash or NOK 7.40 plus 0.3175 new shares.
The Singaporean VLGC owner triggered its revised offer in late October, which was improved compared to what BW LPG offered in the summer.
This offer will end later today and, depending on the final outcome, BW LPG directors will meet to decide their next move.
Aurora is seeking a long-term financial solution as it has taken a hit from the weak VLGC market.
It reported a net loss of $29.5m in the third quarter on the back of a $6.2m revenue.
The Oslo-listed company has backed BW LPG’s offer and expects to secure waivers from its banks following the completion of the deal.
Shares in Aurora were gaining 1.21% in early trading on the Oslo Stock Exchange today, changing hands at NOK 16.70 each.
