Belian Laju acquire Camillo Eitzen US$173 million

PT Berlian Laju Tanker, Indonesia's largest shipping company, agreed to buy Camillo Eitzen & Co. ASA in a deal valued at 1 billion kroner ($173 million) to become the world's largest operator of chemical tankers.
Berlian Laju will offer mandatory convertible bonds equivalent to 25 kroner a share for the Oslo-based company, it said in a Singapore stock exchange statement today.
Camillo Eitzen, known as CECO, last traded at 6.75 kroner in the Norwegian capital.
Berlian Laju has bought Chembulk Tankers LLC for $850 million in 2007 to expand beyond Asia. CECO announced plans in August to reschedule debts and possibly issue
equity after making three quarterly losses in a row because of tumbling rates.
Berlian Laju, which also intends to list in Oslo, will own or operate 157 chemical tankers, 14 oil tankers, 42 gas tankers and as many as 60 bulk carriers following the acquisition, according to the statement. The two companies had total sales of about $2.3 billion in the past 12 months, Berlian Laju said.