The Lithuanian Government has approved the agreement
whereby DFDS Tor Line acquires the shipping company LISCO
with head office in Klaipeda. A subsequent reconstruction
of the company entails that DFDS Tor Line - under the name
of LISCO – will operate 6 ro/ro and ro/pax vessels on four
routes from Klaipeda to Mukran, Kiel, Aahus and Karlshamn
respectively, plus 6 comparatively new multi-purpose lo/lo
vessels each with a capacity of 225/350 teu.
The agreement was signed in Vilnius today. However, some
administrative measures and discussions with other
authorities are still awaiting clarification – including
the Lithuanian competition authorities. These measures are
expected finalized before the end of June at which time the
deal will be final.
The price of the shares including expenses incurred is
approx. USD 50 mill. equal to a share ownership of 76.36%.
Furthermore, DFDS Tor Line undertakes to invest
additionally USD 60 mill. in LISCO over the next 3½ years.
During this period a number of obligations must be
fulfilled according to the privatization agreement for
LISCO, amongst others related to the staff. In addition to
the above-mentioned vessels and routes, the acquisition
comprises a number of subsidiary companies within agency
and terminal operations etc. Furthermore, the deal includes
the head office in Klaipeda and the LISCO name. LISCO is
quoted on the Stock Exchange in Lithuania.
The routes on Mukran and Kiel are operated in
co-operation with Scandlines. This co-operation will
continue without changes.
After the reconstruction, a separate company owned by
the Lithuanian Government will carry on LISCO’s activities
within the tramp trade activity with approx. 23 vessels and
certain additional activities.
As stated in the DFDS stock exchange information dated
11 January 2001, it is the intention of DFDS Tor Line with
this acquisition of LISCO to expand its existing activities
in the Baltic Sea and subsequently use the acquired
activities as a platform for additional growth – also
beyond activities related to Lithuania.
The acquisition of LISCO will have no major effect on
the result for 2001 for DFDS.
Yours faithfully,
DFDS A/S
Ole Frie
Presiding Director