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            october 18, 2019

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Agreement on the acquisition of OMI Corporation


A/S Dampskibsselskabet TORM (TORM) has in cooperation with the shipping company Teekay Shipping Corporation(Teekay) today signed an agreement with the shipping com-pany OMI Corporation (OMI), located in Stamford, Connecticut, and listed on the New York Stock Exchange to acquire the entire share capital of OMI. The agreement was unanimously approved and recommended by OMI’s Board of Directors.
The agreement with OMI was made with a company established for this purpose and with a 50-50% ownership between Teekay and TORM.
The price per share is agreed to USD 29.25 corresponding to a total purchase price of USD 1.8 billion excluding net interest-bearing debt estimated at USD 400 million end 2006.
The company’s fleet consists of 47 modern vessels – of which 13 are Suezmax crude oil tankers, 15 MR product tankers, 17 Handysize product tankers incl. 2 newbuildings and 2 LR1 vessels.
When the company is taken over by Teekay/TORM during the coming months, it has been agreed that the Suezmax vessels as well as 8 product tankers will be taken over by Teekay, whereas the remaining 26 product tanker will be taken over by TORM. The agreement is subject to the acceptance from OMI shareholders representing over 50 percent of OMI’s outstanding shares, usual reservations and approval by the authorities.
In addition to giving TORM a very modern and uniformed product tanker fleet, the acquisi-tion will ensure TORM’s presence in the American market. Furthermore, OMI has a technical organization in India, which still will be at TORM’s disposal and thereby ensure the neces-sary continuity for the acquired fleet most of which is chartered out to oil companies on time charter for an average duration of 2 years.
Teekay and TORM will in close cooperation ensure that the acquisition of the company takes place in the best possible way in the interest of the employees and the continued operation of the OMI fleet.
The offer to OMI’s shareholders is expected to be circulated on or before 27 April 2007.
TORM’s expected pre-tax result for 2007 of USD 780-800 million is not expected to be af-fected by the acquisition of OMI. However, transaction and restructuring costs are not included.

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