A.P. Moller plan to buy tanker company progresses

A.P. Moller - Maersk, which announced plans in August to buy Brostrom, said it has acquired more than one-third the Swedish tanker company's shares after acquiring shares from the two major B-shareholders Odin Funds and Case Asset Management.

The combination of share purchases made in the market and the irrevocable undertakings to accept the public offer made by the A-shareholders currently amounts to more than 65 percent of the capital and 78 percent of the votes in Brostr AB, A.P. Moller said.

The public offer is made through the fully owned subsidiary Maersk Product Tankers. The acceptance period for the public offer ends Nov. 28 and completion of the offer is subject to regulatory approvals.

The combination of the two companies will form the world's largest product tanker company with a combined owned and long-term chartered fleet of more than 130 vessels.