EMEA News
Hafnia to Buy 14.45% Stake in TORM from Oaktree
Tanker firm Hafnia Limited has entered into a preliminary agreement to acquire a 14.45% stake in Danish tanker firm TORM from Oaktree Capital Management for $311.4 million.
The deal covers about 14.1 million A shares priced at $22 each, Hafnia said in a statement on its website on Wednesday.
Completion of the purchase remains subject to a definitive agreement, regulatory approvals and the appointment of a new independent board chair at TORM.
Hafnia said it views TORM as a 'well-managed company with a high-quality fleet' and sees consolidation as generally positive for the tanker sector, while stressing that no further decisions have been made on its long-term position.
The company also noted that any future transaction involving TORM would not be structured as an offer under the UK Takeover Code.
“For the avoidance of doubt, to the extent that there is any such transaction, it will not be structured as an offer for TORM under the UK Takeover Code (the "Code") and, to the extent that the Code applies to TORM, this is a statement to which Rule 2.8 of the Code applies," Hafnia explained.
“Accordingly, to the extent that the Code applies, Hafnia and any person(s) acting in concert with it will, except with the consent of the Panel on Takeovers and Mergers (the "Panel"), be bound by the restrictions set out in Rule 2.8 of the Code.”
