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GE looks at Aker Kværner

(TV 2 Nettavisen/Bård Ove Molberg)
Large parts of Norwegian Aker Kværner may end up in American ownership. General Electric is reportedly interested in acquiring Kjell Inge Røkke’s shares.

The Norwegian financial paper Dagens Næringsliv reported the surprising news that Kjell Inge Røkke is considering selling Aker Kværner to American General Electric. According to the paper, the parties have already started the negotiations.

Reportedly General Electric is investigating Aker Kværner, something which is ordinary practice in connection with mergers and acquisitions.

General Electric is already familiar with Kværner as the American company bought Kværner’s hydroelectric power production, Kværner Energy, in 1999 for about USD 70 million. According to Dagens Næringsliv, it is Kværner’s oil and gas operation General Electric is interested in this time around.

Nine months into the year, Aker Kværner had a turnover of about NOK 25 billion (USD 4 billion), where of the oil and gas industry generated about NOK 17 billion (USD 2.73 billion) of that amount. Aker Kværner has a market value of about NOK 7.8 billion (USD 1.25 billion) and Røkke owns 58 percent of the company.

Neither Aker Kværner nor General Electric wanted to comment the case.

«We never comment rumours and speculations which arise in the market,» said Louis Binns, spokesperson at General Electric.

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