MSC Group Makes US$700 Million Offer to Buy Gram Car Carriers

Continuing with its startegy to diversify business Mediterranean Shipping Company (MSC) has made an offer to acquire the entire share capital Gram Car Carriers (GCC), a Norwegian company that is the world's third largest shipping carrier in the Pure Car ship sector Truck Carriers (PCTC).

Gram Car has a fleet of 22 garage ships of the total capacity of about 110 thousand rental cars with leading companies in the sector, of which 18 owned vessels for a capacity of 82,000 vehicles and four ships under management with a total capacity of 28,000 cars.

The offer, which has been agreed with the board of directors administration of the GCC, has been put forward by the Luxembourg's SAS Shipping Agencies Services, which is wholly owned by the MSC Group.

The offer represents a premium of 28.3% to the price of 212.5 closing crowns of GCC shares on the Oslo Stock Exchange.

The Board of Gram Car Carriers has unanimously urged the shareholders of the Norwegian company to accept the offer.

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