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Billionaire Fredriksen triggers takeover bid

October 24, 2014

News

Norwegian billionaire John Fredriksen is expected to make a bid for Flex LNG within the next month.

Fredriksen purchased 12.7million shares in the firm at 7.75 kroner each, triggering the right to a mandatory offer.

The move comes after the entrepreneur sold off the majority of his shares in shipper Golar LNG.

He’s expected to materialize his offer in the next four months.

Fredriksen’s first interaction with Flex LNG was in September last year when he bought 32% of the company.

His latest purchase saw Flex LNG rise 5.2% to 8.1 kroner – trading 3% higher today.

The firm is expecting the delivery of its first two liquefied natural gas carriers at the start of 2017.

Flex LNG is currently worth $151million.

By Rita Brown

Source: Energy Voice

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