Oaktree passes threshold for mandatory takeover of Torm

Oaktree passes threshold for mandatory takeover of Torm

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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