The Danish DFDS Tor Lines has warned the Lithuanian Government it may suspend the LISCO acquisition deal in case the Government insists on applying to it the amendments to the Bill on transactions with securities.
Published:
24 June 2001 y., Sunday
In accordance with the recently adopted amendments the Danish company will have to officially offer the minority LISCO shareholders to buy the remaining stock at a price no less than paid for the shares in the state ownership.
Kestutis Glaveckas, Chairman of the Lithuanian Seim budget and finance committee, communicated the Government received on June 15 a letter wherein the DFDS Tor Lines management requests the from Government permission to lift the amendments for the LISCO deal as the company intends to independently negotiate the solution with the minority stockholders.
The state owned 80% of LISCO, a shipping monopoly operating on the Lithuania - West Europe routes. In accordance with the agreement of April 23, 2001, between the state property Fund and DFDS Tor Lines, 76.36% of this stock was sold for $47.6 million.
20% of the stock remained in the hands of minority shareholders and financial brokers. The latter demand the Danish company buy their shares for the same price the state-owned stock was sold for - $1.2 per share. However, DFDS Tor Lines does not show any intention of doing so.
The privatization plan provides for two companies to be established. One of them, Lisco Baltic service, a ferry operator, will own 70% of the LISCO property. DFDS Tor Lines will hold a 76.36% stake in this company, the state will get 3.4%, and minority shareholders - slightly over 20%.
Šaltinis:
SeaNews
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Parliament's proposal for its own operational budget for 2011 includes the financing of measures in preparation for enlargement with Croatia.
more »
Links between business and the academic world need to be strengthened but higher education institutions must retain their autonomy and public support, says a resolution adopted on Thursday by the European Parliament.
more »
The Spanish Minister of Economy and Finance, Elena Salgado, will present the additional fiscal tightening measures set out by the Spanish Government to her eurozone (Eurogroup) counterparts on Monday; the measures were required by Spain’s European partners as a condition of approving the plan to bolster the euro on 9 May.
more »
The European Commission has opened an in-depth investigation under EU State aid rules into capital injections destined to two subsidiaries of state owned company Elan Skupina in Slovenia.
more »
GDP growth in the EU expected to gradually pick up, though recovery less robust than past upturns.
more »
The EESC tabled its opinion on the regulation of alternative investment funds, such as hedge funds and private funds. Although endorsing the much debated proposal of the European Commission, the EESC calls for uniform risk data provision for all such funds and emphasizes their responsibility in triggering the crisis.
more »
Concluding the process and deciding on the schedule for releasing the funds agreed on for Greece, as well as examining and learning lessons from the crisis for the governance of the eurozone, will be the focus of the discussions of the heads of state and government at the meeting in Brussels this Friday.
more »
The EU pavilion at the world expo in Shanghai marks the first time the EU has presented itself to a large Chinese audience.
more »
Shanghai's World Expo offers visitors plenty of fun offering bizarre things to do at over 200 pavillions competing for attention.
more »
The European Investment Bank (EIB) is providing a loan of EUR 150 million to MVM Zrt. for the capacity increase and the extension of a high-voltage transmission network, partly constituting priority axes of the Trans-European Energy Network (TEN-E) in Hungary.
more »