Dubai Drydocks buys rival

02 November 2007
Dubai Drydocks World, part of Dubai World, has made a $1.63 billion cash offer for Singapore's Labroy Marine. It has already gained the backing of shareholders owning 65 per cent of the company. The deal strengthens Dubai Drydocks' position in ship building and repair, and gives it access to the rig-building sector for the oil and gas industry. Labroy has two shipyards in Batam, Indonesia, and is listed on the Singapore Stock Exchange.

Dubai Drydocks World, part of Dubai World, has made a $1.63 billion cash offer for Singapore's Labroy Marine. It has already gained the backing of shareholders owning 65 per cent of the company. The deal strengthens Dubai Drydocks' position in ship building and repair, and gives it access to the rig-building sector for the oil and gas industry. Labroy has two shipyards in Batam, Indonesia, and is listed on the Singapore Stock Exchange.

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