Stena is one step closer to taking over compatriot Concordia Maritime.
Stena Sessan, the investment arm of the Swedish family-owned giant, has launched a compilatory buyout offer for the last 10% of Concordia’s shares, already controlling 90%.
In conjunction with the offer, Concordia has applied to delist its class B shares from Nasdaq Stockholm.
“The last day of trading in the class B share will be announced after Concordia Maritime has submitted the application and received a decision from Nasdaq Stockholm,” the company said.
It will also hold a shareholder meeting on 22 February at Stena Sessan’s request to elect new members of the board of directors.
Concordia said in December that its board was in unanimous support of Stena’s offer and that the company was ready to pay SEK 468m ($44.8m) for the 48% of outstanding Concordia shares or SEK 9.80 each.
Since 2021, Concordia has steadily sold off its fleet, achieving sale prices at multi-year highs on its last seven deals, according to statistics from VesselsValue.
It had intended to take the proceeds from those sales into new spaces, but ultimately found ships too expensive be they bulkers, offshore wind vessels or product tankers.
Instead, the company owns just a single ship, the 62,000-dwt Stena Polaris (built 2010), which it chartered to Florida-based Crowley for work with the US government.
On Tuesday afternoon, Concordia’s class B shares were trading at SEK 9.78, down SEK 0.02 on the day.
