By Saleha Mohsin
(Bloomberg) — Billionaire John Fredriksen and Exmar NV canceled a deal to create a liquefied natural gas company that would have had 13 vessels and an enterprise value of $2.3 billion.
“The parties have failed to agree on the definitive transaction documents and the previously announced transaction will not be completed,” Flex LNG said in a statement to the Oslo Bourse.
In the original deal, Antwerp-based Exmar was to transfer its assets to Fredriksen-controlled Flex LNG in return for 323.7 million new shares in the company, giving it a 64.6 percent stake. Fredriksen’s Geveran Trading Co. Ltd., currently the biggest owner of Flex with 81.5 percent of the shares, was to hold 30.7 percent in the re-named Exmar LNG Ltd. combination.
Fredriksen bought Flex LNG last year after dumping more than 80 percent of his shares in shipper Golar LNG Ltd.
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