Mooring Systems keen on Cavotec merger

Mooring Systems managing director Peter Montgomery has pledged to ring his 1,000 investors to explain the proposal, which would entail them assuming 20% of new company Cavotec MSL and the remainder going to existing Cavotec investors. With an effective date of January 1, 2007, the transaction has an estimated value of approximately ¢125m (NZ$250m). However, at least one shareholder is arguing the company’s board should hold out for a takeover premium before surrendering control to Cavotec.

Cavotec group chairman and chief executive Stefan Widegren sees the merger as “a logical next step in the evolution of Cavotec”, broadening its presence in the Australasian market.

“We expect that this merger will both create substantial value for our shareholders and enable Cavotec to operate from a strengthened global Introduction of a national ports policy and development of relevant port infrastructure to support an enhanced coastal shipping operation are key components of the New Zealand Shipping Federation’s draft maritime transport strategy.

The 47-page “Roadways to Waterways” document, which was recently given a favourable hearing by Transport Minister Annette King,essentially calls for shipping and ports to gain equilibrium with road and rail in Government funding and policy decisions.

However, the Shipping Federation stresses the proposal does not promote a return to the “cabotage” days of protecting New Zealand shipping against international operators. Following industry consultation, the organisation hopes the strategy will be formally enacted by June 30 next year. platform.

As our customers continue their trend towards globalization, Cavotec remains committed to providing them with correspondingly increased levels of support and service.”