SAS Shipping Agencies Services has moved closer to acquiring Norwegian tonnage provider Gram Car Carriers (GCC) after the company’s largest shareholders accepted a cash offer worth more than $700m.
The MSC subsidiary first announced its deal in April but the approval of a group of GCC shareholders who hold 56.2% of the company’s shares means SAS will effectively take control of the company regardless of the approval of remaining shareholders.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
However, SAS and MSC are seeking to acquire 90% of GCC’s shares to allow for compulsory acquisition of the remaining 10%, with the offer remaining on the table for the approval of other shareholders until 26 June. SAS said it could extend the deadline to 5 August if needed.
The four shareholders to have already offered their approval are all “close associates” of GCC board members and employees including the vice chair of the board Nikolaus H Schües.
GCC is one of the largest car carriers tonnage providers in the industry and has a fleet of three distribution vessels, 10 mid-size vessels, and four Panamax vessels.
The company will also manage another four Panamax LNG-powered car carriers on behalf of third-party owners when they are delivered in 2025 and 2026.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIf it goes ahead, SAS’ acquisition of GCC would mark one of MSC’s largest investments outside of the container shipping and cruise sectors.
The company is already one of the most dominant players in the container shipping world, with some of the largest vessels on the ocean.
