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Automated mooring equipment maker Mooring Systems yesterday completed its merger with larger Dutch company Cavotec Group Holdings NV.

Mooring Systems allotted 50.9 million ordinary fully paid shares to acquire 100 per cent of Cavotec, lifting the number of shares on issue to 63.6 million.

The name of the merged entity is Cavotec MSL Holdings and its headquarters are in Christchurch.

Three of the eight members of the Cavotec MSL board are New Zealanders.

Chairman Stefan Widegren, chairman of Cavotec before the merger, said the company would aim for a New Zealand stock exchange top 50 listing.

Mooring Systems shares closed at $4.80, having been as low as $2.65 last year.

- NZPA