ruben.maritime

LONDON 12 January – Richard Sadler, currently Director of Lloyd’s Register EMEA, has been appointed chief executive of the Lloyd’s Register Group. The appointment takes effect on 1 July, by which time Sadler will have full executive responsibility for the organisation. David Moorhouse will remain chairman of LR. Sadler has a degree in naval architecture and holds a post-graduate diploma of welding technology. He is a Fellow of the Institute of Marine Engineers and a Member of the Royal Institution of Naval Architects. He joined LR in 1976, working in the marine, industrial and offshore sectors before moving on to a number of overseas postings. He held a number of managerial roles before becoming marine general manager of Lloyd’s Register’s London operations in 2000. After two years as director of ship asset management with the Royal Bank of Scotland, Sadler returned to head up LR’s EMEA division. Moorhouse welcomed Sadler’s “unique understanding of the technical, operational and commercial issues that the classification, management systems and asset risk management sectors face as a whole.”

Etiquetas: classification societies

HAMBURG 15 December – German entrepreneur Günter Herz has emerged as the winner in the takeover race for Germanischer Lloyd. Shareholders representing over 40% of GL’s share capital officially agreed to sell their stakes to Herz at a meeting in Hamburg today. Others were still deciding to sign sale contracts as the shareholder meeting came to a close, attendants reported. Acceptance might rise to around 60% eventually, some believe. Herz’s bid, which was promoted by GL’s board all the way, valued the German society at around euro550M ($724M) while French rival Bureau Veritas offered around euro500M. GL's management praised the agreement as an amicable “Hamburg solution” that will cement the class society’s independence. “This is the best solution for all our maritime and industrial clients who can now continue to rely on our high safety and quality standards,” said executive board member Rainer Schöndube. After five turbulent weeks in which GL’s management struggled hard to keep the group’s shareholders at it, the society can now “concentrate on its actual day-to-day work again”, he said.

 

Etiquetas: classification societies, international maritime affairs

 HAMBURG 11 December – Germanischer Lloyd shareholders willing to sell are now seeing their shares’ market value spiral up, as Bureau Veritas attempts to outbid the other suitors. The French class society announced today that it will submit an improved offer in time for its meeting with GL shareholders scheduled for 18 December in Hamburg. In particular it aims to outrival the friendly takeover-bid by Hamburg businessman Gunter Herz, who has made an unconditional offer for up to 100% of GL’s shares. Unlike BV, whose offer comes with various strings attached, Herz is prepared to buy the shares without first going through a due diligence process. However, BV’s chances seem to have increased again after GL shareholders refused to decide for the Herz offer at a meeting in Hamburg at the end of last week. The French class society has underlined its intention to concentrate all decision-making functions of the combined marine business in the Hansestadt. “And the alliance will provide a vital incentive to create new jobs, so fears about job losses are completely unwarranted”, said BV chief executive Frank Piedelièvre.

Etiquetas: classification societies, international maritime affairs

 HAMBURG 08 December – Germanischer Lloyd shareholders have asked for more time and more information about the class society’s business prospects as yet another takeover bid was made for GL. A meeting of 90% of GL’s 50 shareholders in Hamburg made no decisions about the hostile euro500M ($657M) takeover bid from France’s Bureau Veritas or the friendly takeover offer made yesterday by German multi-millionaire businessman Gunter Herz, the main shareholder in German sportsware giant Puma. “The shareholders have asked the executive board for more detailed information about future business developments,” GL said in a statement. “In another meeting in the next week, the shareholders will have a concrete examination of the future outlook.” Meanwhile, another friendly takeover bid for GL was submitted today by Germany’s TÜV SÜD, a large company whose main business is annual technical roadworthiness inspections of automobiles on behalf of the German government. A TÜV SÜD spokesman said the company had on Friday submitted a bid for 50.1% of GL. “We made the bid on the request of GL, this is not a bluff,” he said. Both GL and TÜV SÜD are involved in similar technical standard certification, he said. GL would be integrated into the other company as an independent division.

Etiquetas: classification societies, international maritime affairs

HAMBURG 07 December – German multi-millionaire businessman Günter Herz has made a takeover offer for Germanischer Lloyd that has been described by the classification society as “friendly”. Herz is a major shareholder in giant German sportsware firm Puma and part of the family that owns Tchibo, one of Europe’s largest coffee companies. Herz is offering “significantly above” the euro500M offered by French class society Bureau Veritas, says Rainer Kutzner, head of Herz’s investment company. Herz, who lives in Hamburg where GL is based, regarded the bid by Bureau Veritas as unwelcome and he wanted GL to remain independent, Kutzer said. “The Germanischer Lloyd executive board welcomes the initiative from Mr Herz and is currently examining the details of the offer,” GL said in a statement. The offer will be put before a meeting of GL shareholders scheduled for Friday, although the meeting was unlikely to take a decision on the bid.

 

Etiquetas: classification societies, international maritime affairs

HAMBURG 05 December – Hamburg state government has thrown its weight behind the struggle for Germanischer Lloyd's independence. Speaking at the national maritime conference in Hamburg yesterday, the Hansestadt's finance minister Gunnar Uldall confirmed that the senate was in talks with GL's management board regarding a defence strategy against a hostile takeover by Bureau Veritas. As Uldall gave his speech, another class player was making its presence felt: London-based Lloyd's Register told German ship owners it was considering the acquisition of a minority stake in GL. In a joint letter from LR executive chairman David Moorhouse and marine business director Ulrich Förster that made no mention of Bureau Veritas, LR underlined its commitment to the German market, supported GL's leadership in the container ship sector and suggested that its support and assistance could be called upon. "We believe that this stance is appreciated by Germanischer Lloyd," the letter concluded. LR was linked with a possible bid for GL in December 2000 when Moorhouse "let slip" that talks had been underway for seven months with "a society we have seen and targeted". However, no announcement was forthcoming.

Etiquetas: classification societies, international maritime affairs