Life after failed GL acquisition

Bureau Veritas has issued a bullish statement after its failed attempt to acquire Germanischer Lloyd. The shareholders of GL decided to accept the offer made by Gunther Herz in preference to the takeover bid by the French classification society.

The statement went on to say that the German classification society preferred a financially driven solution to the one BV proposed, which was aimed at leveraging the long-term dynamics of the global ship classification market. BV also considers that the enhanced acquisition price will create strong financial pressure on Germanischer Lloyd going forward.

Frank Piedelievre, BV President and Chief Executive Officer, said, “Bureau Veritas wishes Germanischer Lloyd well under its new ownership structure. There are no hard feelings. We are naturally disappointed that the Germanischer Lloyd shareholders chose to decline the Bureau Veritas offer, which was a very fair one, based on our intricate knowledge of the market. An alliance between Bureau Veritas and Germanischer Lloyd would have created the world?s leading ship classification society, headquartered in Hamburg, and a powerful industrial alliance, adding value in the marketplace.

“We wish to state that objections raised at times in recent weeks about the adverse effects – on Germany and on the German workforce – of our proposed alliance were entirely unfounded. The alliance would have benefited not only Germanischer Lloyd itself, but also the port of Hamburg and the German maritime industry, as their strength and development potential would have been greatly increased by the joint undertaking.

“Bureau Veritas will continue to develop its activities in the marine sector, where its loyal and growing client base will benefit from its global network, expertise, recognised quality and innovation.”