Hafnia is on its way to becoming the largest shareholder in Torm with the acquisition of 14.45 pct. of the shares in the Danish shipping company from the capital fund Oaktree. However, one single precondition remains outstanding, writes Hafnia in an accounting announcement.
On September 11, Hafnia entered into a binding agreement for the purchase of major shareholder Oaktree’s stake in Torm. The acquisition will make Hafnia the largest shareholder in Torm and could pave the way for a merger of the two product tanker shipping companies.
But the purchase requires a replacement of the chairman position on Torm’s board:
“We now await the appointment of a new independent board chairman in TORM before the acquisition can be completed,” writes Mikael Skov, CEO of Hafnia, in the shipping company’s 3rd quarter report.
When such a replacement is to take place is not disclosed – just as no other reservations are made for the completion of the purchase agreement with Oaktree.
Hafnia currently operates a fleet of nearly 200 product tanker vessels, while Torm operates around 90 vessels.
-emte
