LNG

Wärtsilä Corp. of Finland, the supplier of engines for LNG carriers and other vessels, and Hamworthy, the maker of ship-based LNG regasification systems, said they reached agreement on the terms of a recommended cash offer for the UK company first made last week. Under the final terms, Hamworthy shareholders will get 825 pence for each Hamworthy share held. The acquisition values the entire issued and to be issued share capital of Hamworthy at around 383 million pounds ($600M), said a statement from the two companies. "The offer price represents an attractive premium of approximately 56.2 per cent. to the average closing price of 528 pence per Hamworthy share for the 12 months ended on November 16, 2011," they said. "Wärtsilä believes that Hamworthy offers a strong strategic fit with, and a complementary product offering to Wärtsilä. Both companies are well positioned in the rapidly evolving global marine and offshore applications as well as environmental solutions markets," the statement added.