BV bids for GL

French-based classification society Bureau Veritas has made for its German counterpart Germanischer Lloyd.It is understood that the offer was made to GL shareholders last Thursday. Although no confirmation of financial details was available it has been reported that BV has offered nine times GL’s EBIT margin.A planned merger of GL with Norwegian-based DNV failed at the last moment some years ago and since then the stance of the GL board has been that it would stay independent.Nevertheless sources suggest the BV bid has been well researched and could stand a chance of being accepted. It is understood both the BV and GL brands would continue but the combined operation would be Hamburg-based.A merger BV and GL would class some 13,000 vessels representing some 26% of the fleet by number but about 10% by tonnage.