Stockholm – New York-based asset management firm Davidson Kempner Capital Management has agreed to acquire Bitumina Industries’ 49.99% stake in Nynas AB to become the refiner’s largest individual shareholder.
Dubai-based bitumen specialist Bitumina Industries purchased the 49.99% stake in Nynas AB in September 2020 as part of the Swedish oil refiner’s reorganisation scheme in 2020.
In a 26 July statement, Nynas said Davidson Kempner played “an active role” in its financial restructuring, restoring its balance sheet equity to SEK 4.6 billion (€500 million) by the end of 2020.
“Since that restructuring, Davidson Kempner has played an ongoing role in the financing of Nynas,” the company added.
The asset management firm, said Nynas, has been providing loan facilities to support working capital requirements and “putting Nynas on a solid financial footing.”
“We welcome Davidson Kempner as a shareholder in Nynas,” said president and CEO Bo Askvik.
With Davidson Kempner as one it largest financiers, Askvik said, Nynas has delivered a “strong trading result” in the first half of 2021.