SvitzerWijsmuller is a wholly owned subsidiary of A P Moller - Maersk A/S, a diversified shipping company with more than 110,000 employees and offices in over 125 countries. A P Moller - Maersk A/S has headquarters in Denmark and is listed on the Copenhagen Stock Exchange.

SvitzerWijsmuller's Chief Executive Officer, Mr Jesper T Lok said, 'Our strategy is to become a global player in, and a preferred provider of, safety and support services at sea, and to use this leadership position to offer our clients an integrated and efficient service across the globe.

Adsteam and SvitzerWijsmuller both have strong maritime traditions, similar businesses and share a similar set of values. The Adsteam network in Australia, Oceania and the UK, complements SvitzerWijsmuller's global network well, so the businesses have a good strategic fit'.

He continued, 'In many ports and at many installations there is a drive to provide more powerful and flexible towage solutions. SvitzerWijsmuller is in an excellent position to back up those requirements with the necessary investments. The overlap between our businesses is minimal and the reductions resulting from the acquisition will likewise be modest. Adsteam has good workplace agreements in place and we do not envisage that they or the operational side and the crewing of the tugs will be impacted by the acquisition.

We intend to streamline the current Adsteam head office to become our new Regional Head Office for Oceania, and believe the acquisition will provide attractive opportunities for employees from Adsteam and SitzerWijsmuller as part of a larger combined and global business.'

Adsteam Chairman, Mr Bruce Corlett said, 'We welcome SvitzerWijsmuller's cash offer as representing good value and being in the best interests of Adsteam shareholders. We recommend that Adsteam shareholders accept the offer from SvitzerWijsmuller once the regulatory conditions to the offer have been satisfied or waived and in the absence of a higher offer.'

The offer is subject to certain conditions, including SvitzerWijsmuller receiving competition approvals in Australia and the UK, receiving the necessary Foreign Investment Review Board (FIRB) approval in Australia, and acquiring at least 90% of the total number of Adsteam shares on issue as well as other conditions customary for transactions of this nature. It is anticipated that the formalities will be completed by the end of September provided the regulatory approval is granted.

SvitzerWijsmuller is a major global towage and salvage company with headquarters in Copenhagen, Denmark, operating in 35 countries and concerned with harbour towage, terminal towage, crew boat operations, salvage, emergency response, rescue and ocean towage. Last year the company, employing approximately 2,500 people, had a turnover of USD 355m.

Adsteam employs approximately 1,600 people and is a major international provider of harbour towage, terminal towage, salvage and agency services with a global fleet of around 200 vessels including tugboats, barges, workboats and launches.

As far as the UK is concerned, the takeover being approved by the regulators without amendment will put SvitzerWijsmuller firmly in charge of towage in the vast majority of British ports. The only duplication at present is the Mersey, where both companies have a substantial presence.

Adsteam currently faces some competition in the Humber area and Southampton.