Finland-based Wartsila Eyeing Hamworthy Acquisition

Wärtsilä yesterday confirmed recent reports that it has been in talks with Hamworthy regarding a 825 pence per ordinary share cash offer. The potential offer is likely to assume that no further dividend will be paid but, if a dividend is paid, Wärtsilä’s offer will be reduced by the amount of that dividend.

The Board of Wärtsilä said it believed that the combination would create an exciting platform in the offshore, marine gas and environmental solutions markets creating long-term growth to the benefit of shareholder, customers, and employees alike.

Wärtsilä has strategically developed its Ship Power division in recent years beyond the traditional engine technology to encompass ancillary equipment and systems to be able to provide customers with more value added marine solutions. Hamworthy would extend that strategy by offering excellent technology in strong market positions, on which Wärtsilä could leverage its international sales and service network.

“The combination of Wärtsilä and Hamworthy would deliver benefits to both businesses’ current and future customers and stakeholders.” said Wartsila in a statement.

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Offshore Energy Today Staff , November 18, 2011