LONDON, March 25, 2014 (GLOBE NEWSWIRE) -- Stolt-Nielsen Limited (Oslo Børs: SNI) announces today that Finanstilsynet (The Financial Supervisory Authority of Norway) has completed a review of certain aspects of the Company's consolidated financial statements for 2012. The Company agreed to reverse $12.3 million of the non-cash gains on bargain purchase relating to the Acuidoro and Moerdijk acquisitions completed during 2012. The non-cash gain on bargain purchase of $4.8 million relating to the Dagenham acquisition has not been reversed. Reference is made to Note 1 to the Condensed Consolidated Interim Financial Statements for the three months and year ended November 30, 2013 released on January 30, 2014. In the opinion of Finanstilsynet, the Company's recognition of non-cash gains on bargain purchase was not in accordance with International Financial Reporting Standards (IFRS).
Stolt-Nielsen Limited To Change The Accounting For Two Acquisitions In 2012
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