Page 15: of Maritime Reporter Magazine (January 2001)

Spain Creates Joint European Company

Spain is reported to be in talks with several ship- builders in Europe to create a joint European company similar to the aerospace EADS, the chairman of Spain's state holding company (SEPI) said. After a presenta- tion in Madrid of Spain's new civilian and military shipbuilder Izar, Pedro Ferreras said SEPI was already talking to groups in France, Germany and Italy. "We want to begin working on projects common to

European countries, like the model followed by the aerospace sector, but that takes time," he said, referring to the European Aeronautic Defense and Space Com- pany (EADS). EADS was born from the merger of

SEPI-controlled Casa, France's Aerospatiale Matra and

Germany's DaimlerChrysler Aerospace. Izar, formed by the July merger of state-owned Bazan and Aster- illeros Espanoles, could be a role model for Europe's money-losing shipbuilders and the motor behind a

European project, Spanish Finance Minister Cristobal

Montoro said. "Izar could be the point of reference and should be the impulse for a European naval project," he said. SEPI Chairman Ferreras added that the new group, the 10th largest shipbuilder in the world with a turnover of 225 billion pesetas ($1.2 billion) and orders totaling 638 billion pesetas, could sign a deal with the

German group Babcock Borsig. "We have a magnifi-

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Crowley To

Acquire MTC

Crowley agreed last month to acquire all of the outstanding shares of Marine

Transport Corporation (MTC) for $7 per share. The transaction is conditioned upon a minimum number of Marine

Transport's shares being tendered, regula- tory approvals, and other standard closing conditions. The tender offer is not condi- tioned upon financing. "Our investment in Marine Transport is a unique opportunity for Crowley to add a complementary business line to our pre- sent maritime activities," said Thomas B.

Crowley, Jr., Chairman of the Board and

CEO of Crowley. "It is our plan to allow

Marine Transport to pursue its present strategic plan with its dedicated manage- ment and employees, supported by the joint resources of the combined compa- nies. This is an historic event for the U.S.

Maritime community in many respects, and we look forward to developing expanded growth opportunities with

Marine Transport."

Richard du Moulin, Chairman and

CEO of Marine Transport said, "We believe this transaction provides signifi- cant value realization to our existing stockholders. Crowley is one of the most well respected companies in our business.

They know our industry and are deeply committed to it. We look forward to working together."

ING Barings LLC advised Marine

Transport with respect to this transaction.

Oakland-based Crowley Maritime

Corp., founded in 1892, is primarily a family- and employee-owned company engaged in integrated logistics, marine transportation and related services. The corporation, with more than 100 offices in major ports and cities around the world, has several operating subsidiaries, including Crowley Liner Services, Crow- ley Marine Services, Crowley Petroleum

Transport and Crowley Logistics.

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January, 2001

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