Kvaerner to merge with Aker Solutions.

Kvaerner, a provider of engineering, procurement and construction services, agreed to merge with Aker Solutions, a provider of products, systems and services to the energy industry. As merger consideration the shareholders of Kvaerner will receive a number of shares in Aker Solutions based on a volume weighted average price for the shares in Aker Solutions and Kvaerner on the Oslo Stock Exchange during a period of 30 days commencing two trading days after the Aker Solutions shares trades. One share in Kvaerner shall however always give right to at least 0.7629 shares and maximum 1.1404 shares in Aker Solutions, which in total provides the shareholders in Kvaerner with an ownership interest in the range between 43% to 53% in the combined company. "By combining the two companies and their complementary resources, we will be able to deliver a more complete offering to a global energy industry," Leif-Arne Langøy, Kvaerner Chairman.