As previously disclosed, BW Group Limited ("BW Group") currently owns 191,903,110 shares in BW Energy Limited ("BW Energy"), corresponding to 74.38% of the issued and outstanding shares and voting rights in BW Energy.
As part of a corporate restructuring, BW Group is planning to separate BW Energy, as an oil & gas exploration business, from the maritime businesses held by BW Group. This will not involve any change to the ultimate control of the business, as the BW Energy shares currently held by BW Group (which is controlled by Andreas Sohmen-Pao through a trust) will be sold to BW Energy Holdings Limited (“BW Energy Holdings”), a company owned and controlled by Andreas Sohmen-Pao (the "Restructuring").
The Oslo Stock Exchange, in its capacity as takeover supervisory authority, has in a decision dated 3 May 2024 resolved to grant an exemption from the mandatory bid obligation pursuant to section 6-2 (3) of the Norwegian Securities Trading Act with respect to the Restructuring.
Chairman of BW Group and BW Energy Holdings Andreas Sohmen-Pao comments: “Following the completion of the mandatory offer from BW Group and subsequent share acquisition of BW Energy shares from BW Offshore Limited, this restructuring is a technical step with no impact on the business or strategy of BW Energy.”
The Restructuring is expected to be completed by 31 July 2024 and the sales price will be the carrying value of the BW Energy shares in BW Group’s books at the time of the transfer.
