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Avance Gas looking to acquire Aurora LPG

Norway's Avance Gas has made an offer to acquire gas carrier Aurora LPG, which is listed on the Oslo Stock Exchange. If the transaction is completed, the group will become the biggest player in the VLGC segment.

Photo: Avance Gas

Norwegian gas carrier Avance Gas is now acting on its numerous statements calling for consolidation among the carriers operating the largest vessels in the gas fleet. On Monday the company has made an offer to acquire similarly Norwegian and Oslo-listed gas carrier Aurora LPG, informs Avance Gas in a press release.

And Aurora LPG has been mentioned several times by industry observers as a solid candidate for an acquisition by Avance Gas, which has also previously pointed to Dorian LPG - another major VLGC players - as a possible acquisition. Avance Gas' offer is based on the closing price of Aurora's shares on Friday, at USD 13.03, and the carrier is offering USD 8.63 per share, corresponding to 0.574 new shares for a share in Aurora, according to analyst agency Pareto.

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