Nordea: Norden shareholder gets bulk business for free

Compared to Norden's current share price, the carrier's dry bulk business can be acquired virtually for free, says Stig Frederiksen, senior analyst at Nordea. Major New York-listed bulk shares dive once again.

BY OLE ANDERSEN

Private equity fund Schroders' latest share purchase in dry bulk and product tanker carrier Norden - a move that brings the fund's total stake past five percent and thus makes Schroders a major shareholder - is a sign that the share has become too cheap, and that the company's dry bulk business can now be acquired at virtually no cost, says Nordea senior analyst Stig Frederiksen.

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