Bergen Group-Endúr merger and name change approved
- Business & Finance
Bergen Group-Endúr Fabricom merger has now been approved as well as the subsequent name change of the new entity to Endúr.
The two companies entered into an agreement to merge back in late August 2018. The proposed merger received unanimous approval from the respective boards of directors of the two firms in mid-November and the name change was proposed also in November.
On Friday, December 21 Bergen Group resolved upon the merger with Endúr Holding at the extraordinary general meeting (EGM), with the subsequent change of name to Endúr.
Bergen Group said that both decisions gained approval from more than 99.9 % of the share capital represented at the EGM. The change of name from Bergen Group to Endúr will take place when the transaction with Endúr Holding is completed, which is estimated to happen in mid 1Q 2019. Endùr Holding is a 100% owner of the Stavanger-based oil service company Endúr Fabricom.
“The decision on the merger means establishing of a forward-looking industrial group with a solid presence towards both the oil and gas market, maritime service and aquaculture industry,” said Hans Petter Eikeland, chairman of the board of directors in Bergen Group.
The merged company will have close to 400 employees and a total order book of around one billion NOK.
Eikeland said: “We have a strategic goal to build an industrial group that generates 1 billion in annual turnover in 2020. Thus, our expectations for the next two years are high, both in terms of organic growth and in terms of further structural measures.”
In sum, 60.8 million shares were represented at the extraordinary general meeting. This amounts to 64.8% of the company’s share capital per date.
The extraordinary general meeting elected Rune Skarveland as a new board member for the period until the company’s ordinary general meeting in spring 2019. Skarveland replaces Espen Berge.