Copenhagen: The path has been cleared for Oaktree Capital to take over Denmark’s Torm. Thus far 92% of shareholders have agreed to Oaktree’s take over plans, far in excess of the 75% threshold needed for the American private equity firm to trigger a mandatory buyout of existing shares, Torm said in a release yesterday.
“The final implementation of the restructuring would be subject to certain conditions precedent, including required approvals from public authorities,” Torm said in the release.
The Danish operator has been one of the more high profile shipping casualties during the downturn. Oaktree will add a total of 31 ships into the Torm fleet once the takeover is complete.