April 22 - Rettig Group is divesting its ro-ro shipping company Bore to Dutch shipping company Spliethoff Bevrachtingskantoor with all the activities of the Bore business transferring to Spliethoff, including the shipping line's employees; fleet of nine r
The 24.8 percent holding in Försäkringsaktiebolaget Alandia is not included in the transaction and remains within Rettig Group.
The all-cash deal is expected to close on June 30, 2016 and does not require any approval by competition authorities.
Bore's nine ships are chartered to line operators that transport cargo in the North Sea, the Baltic Sea, the Mediterranean and the Carribean.
"This is an interesting next step in the development of Bore. Bore will become part of a bigger shipping company that also has long traditions in shipping. In addition, the divestment gives Rettig Group improved flexibility to develop existing businesses within the group or to diversify into entirely new businesses where Rettig Group can add value as a long-term owner", said Tomas von Rettig, president and ceo of Rettig Group.
"Over the last years, the ro-ro segment has become an important part of the Spliethoff Group activities via group member Transfennica, which offers fast scheduled liner services between the Continent and Finland with short transit times. With Bore joining our group we can further strengthen our position in this part of the market and develop new opportunities", said Michael van den Heuvel, cco of the Spliethoff Group.
"With Bore we acquired a company that is complementary to our existing business", said Michel Fransen, cfo of the Spliethoff Group.