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NEW YORK, NY, April 18, 2007 — Teekay Shipping Corporation, A/S Dampskibsselskabet TORM, and OMI Corporation announced that Teekay and TORM have entered into a definitive agreement to acquire OMI for $2.2 billion or $29.25 per share in cash. Covington & Burling LLP advised Perella Weinberg Partners, financial advisor to OMI, on the transaction. Teekay and TORM will equally split the cost, and upon closing, the assets of the transaction, which is expected to close in the second quarter of 2007. Teekay Shipping Corporation transports more than 10 percent of the world’s seaborne oil and has expanded into the liquefied natural gas shipping sector through its publicly-listed subsidiary, Teekay LNG Partners L.P. TORM is one of the world’s leading carriers of refined oil products and has significant activities in the bulk market. OMI Corporation is a major international owner and operator of tankers. The Covington team included New York corporate partner J. D. Weinberg and associate Frank London.