ShippingWatch

Avance shelves ambitious gas consolidation

Avance Gas was unsuccessful in reaching the conditions for the takeover of Aurora LPG. "Of course, it is a little disappointing that we did not succeed," CEO Christian Andersen tells ShippingWatch.

Photo: Avance Gas

Avance Gas was unsuccessful in the takeover of Aurora that the Norwegian gas carrier has been fighting for over a period of several weeks. This is in spite of the fact that, just one week before the expiration of the bid, Aurora opted to significantly loosen the conditions to a 29 percent approval from stakeholders, down from 90 percent in the original bid. How many stakeholders in Aurora ended up accepting the offer, is not something that CEO Christian Andersen wishes to elaborate for ShippingWatch.

"We began a process which we wanted to succeed in, so of course, it is a little disappointing that we did not succeed. But we are very understanding towards the fact that the various stakeholders in Aurora had different views on many things and we respect that," he says.

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