Wilhelmsen wants to take full control of the investment vehicle Hyundai Glovis

Norway’s Wilh. Wilhelmsen Holding has moved to take full control of its majority-owned investment vehicle Treasure, which holds a large stake in South Korean shipowner Hyundai Glovis.

Wilhelmsen, which controls 77.96% of Oslo-listed Treasure, is offering NOK 20 per share it doesn’t own, valuing the company at around NOK 4.1 billion ($378 million).

The Seoul-based diversified owner is best known for its auto transport fleet as a logistics unit of Hyundai Motor Group, but also has tankers, bulk carriers and newbuilds in the gas shipping segment due to launch next year. Treasure owns 11% of Glovis stock, valued at well over $500 million.

Wilhelmsen said it may consider delisting Treasure from the Oslo Stock Exchange if Treasure’s stake reaches around 90% after the closing of the bid.

Arctic Securities is acting as Treasure’s financial advisor and receiving agent for the offering, which runs through July 5. Nordea funds, which also hold stakes in Wilhelmsen, are the second largest shareholder of Treasure Folketrygdfondet, with a total stake of around 9%, and came third with 3.72%.

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