Norwegian Authorities Approve Aker/Kvaerner Merger

The proposed merger of Aker Maritime and Kvaerner has been approved "without reservations" by Norway's competition authority. Approval is expected to be granted by the U.S. authorities within ten days. This would mean that the merger could close as early as the beginning of March.

"The Norwegian authority has approved the merger without reservations, on the basis that the merged company will not have the opportunity of exercising market power through deliveries of newbuilds and maintenance services to oil companies on the Norwegian continental shelf," the authority said. The authority concluded that following the merger, there will still be sufficient competition from foreign players, and the oil companies in Norway have significant purchasing power.