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DryShips, Inc. Message Board

  • cmk_us2001 cmk_us2001 Mar 10, 2010 3:01 PM Flag

    Maersk is eyeing up a takeover of George Economou’s DryShips

    Speculation has swept across New York trading floors that AP Moller-Maersk is eyeing up a takeover of George Economou’s DryShips.

    A leading analyst contacted by TradeWinds says he is not sure if there is anything behind the rumours, But, he says, they may not be as crazy as they may first appear.

    He explains DryShips’ drilling division accounts for around two thirds of the company.

    If Maersk feels it can secure contracts and financing for the Greek outfit’s four drillship newbuildings it will get its hands on the assets cheaper than it might elsewhere, the analyst says.

    He added: “You may think Maersk would be buying 14 capesizes but two thirds of the value [of DryShips] is drillships. If Maersk don’t want the bulkers it could sell them.”

    The key question is whether Economou is a willing seller. The analyst said: “He is not stretched and I don’t think he would sell below $9 per share.”

    Urs Dur, an analyst for Lazard Capital Markets, told the Wall Street Journal: “To me, it doesn’t look like anything more than market chatter.

    “Maersk is a very large company with a very conservative in long-term approach to things.”

    Still, you can never rule out anything, he adds

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