U.S.-listed tanker shipping group Teekay (TK.N) said on Monday it increased its stake in Norwegian offshore services group Petrojarl (PETRO.OL) to more than 40 percent and called a mandatory bid for the rest of its shares.
Teekay launched the bid at 70 crowns per Petrojarl share, valuing the entire company at 5.25 billion crowns ($805 million). At 0751 GMT, Petrojarl shares traded 0.7 percent higher at 69.75 crowns, in line with the Oslo benchmark index (.OSEBX). “Petrojarl’s Board of Directors has recommended its shareholders to accept Teekay’s offer,” Teekay said.