Rickmers, E.R. Schiffahrt Shelve Merger Plans
- Business & Finance
Rickmers Holding AG and E.R. Capital Holding have decided not to pursue the merger of their ship management units – Rickmers Maritime Services and E.R. Schiffahrt – for the time being.
Rickmers, a service provider in the maritime transport sector and a containership owner based in Hamburg and Singapore, and E.R. Capital Holding, a financial holding company and sole shareholder of Nordcapital, E.R. Schiffahrt and E.R. Offshore, started a review of the merger of their ship management activities in April this year.
Both companies have decided to keep the content of the merger discussions confidential.
E.R. Schiffahrt said it will continue to follow its strategy of expanding its international third-party business and create long-term partnerships with shipping lines and private and institutional owners, particularly in Asia.
“Despite the merger not being executed, we are convinced that forming larger ship management companies makes strategic sense. We are ready in every respect to form partnerships or pursue acquisitions going forward,” Jochen Klösges, CEO of E.R. Capital Holding said.
Furthermore, Rickmers Holding AG said it will continue to follow its strategy, aiming at expanding the fleet under third-party management.
Ignace Van Meenen, CEO of the Rickmers Group, explained the objective: Currently, we have no plans to merge with other companies. However, if ‘strategic options’ arise, we will give careful consideration to them.”
The two companies have worked together in ship insurance and ship brokerage. These partnerships are to be extended to other ship management activities, the duo said in a joint statement.