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Rolls-Royce in £154 mln recommended bid for marine technology affiliate ODIM of Norway

Turbines and aircraft engines maker Rolls-Royce PLC (LSE: RR) announced a recommended 67 pence per share cash offer for the remaining holding in ODIM ASA (OSX: ODIM), valuing the Norwegian marine technology company at approximately £154 million.

Rolls-Royce acquired a 33 percent stake in the company in July 2009 at the same price per share.

Listed on the Oslo Stock Exchange, ODIM develops and sells advanced automated handling systems for seismic and offshore vessels. Rolls-Royce has complementary capabilities in integrated ship systems for the offshore industry, including ship design and the design and integration of power and propulsion systems, Rolls-Royce said.

ODIM board of directors has unanimously recommended that its shareholders accept the offer. In addition, the board of directors and members of management holding shares have undertaken to accept the offer.

John Paterson, president of Rolls-Royce Marine said: "ODIM ASA is rich in technology with a unique subsea and deepwater capability that complements our own activities. Integrating ODIM ASA's innovative technology and highly skilled people into our business will enable us to optimise our offering and provide our global customer base with a wider range of products and services in this important market segment."

Disclosure: The author holds no positions in the company