– The market speculates enough in what John Fredriksen plan to do going forward. He has realized substantial value over the past six months and stock market speculation about a related sale of Seadrill helps to lower the stock price, says manager Jarle Sjo in Odin funds to financial newspaper.
Thursday night announced Golar LNG that John Fredriksen-controlled World Shipholding has posted 27.8 million shares for sale in the secondary market. There is also an authorization to sell a further 4.2 million shares. It will provide between 11 and 12 billion into the account Fredriksen.
sold before
It’s not the first time Fredriksen take money off the table.
For more than two years ago he sold a holding in Seadrill, and the type of company Master Limited Partnership (MLP), he has obtained favorable financing to Golar LNG and Seadrill, Finance writes newspaper.
In May signed Moreover Tor Olav Trøims an agreement with Rosneft makes the Russian oil company to a substantial shareholder in North Atlantic Drilling. Earlier this year, Fredriksen also sold debt recovery company Aktiv Kapital for 5.5 billion, as well as a large holding in TUI for 4.5 billion.
After the two sales in winter calculated DN that Fredriksen had a cash balance of 20 billion. With Golar LNG money will grow to over 30 billion, equivalent to around a third of the total wealth.
– I think John has a generation thinking and want to take the risk on how we have operated historically, said Trøims Finance newspaper in March.
Seadrill next?
The stock market reacted by sending both Seadrill and Marine Harvest down over 2 percent opening Friday morning, and the market is uncertain about the direction of much of Fredriksen empire.
manager Hogne Tyssøy Holberg funds have no exposure to Fredriksen-controlled companies at the moment, and says it is difficult to speculate what might be sold first, but think it’s Seadrill being sold first.
– Marine Harvest is a growth industry with the term comparative advantage. In addition, it seems that long-term picture for farming very exciting, says Tyssøy Finance newspaper, pointing out that drilling activity offshore is far more cyclical in addition to reaching a senmoden phase.
Read more in Saturday’s edition of financial newspaper
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