Hafnia Acquires 14.45% of TORM's Shares from Oaktree for $311.4mln

Hafnia Limited has entered into a binding share purchase agreement to acquire approximately 14.45% of TORM's shares from Oaktree for $311.4mln. The acquisition is subject to customary conditions, including regulatory clearances and approvals. Upon completion, Hafnia will hold around 14.45% of TORM's issued share capital. The companies will explore strategic opportunities, including a potential business combination.

Hafnia Limited has entered into a binding share purchase agreement to acquire approximately 14.45% of TORM plc's shares from Oaktree Capital Management, L.P. and its affiliates for $311.4 million. The acquisition is subject to customary conditions, including regulatory clearances and approvals. Upon completion, Hafnia will hold around 14.45% of TORM's issued share capital TORM plc: Company Announcement^[1].

The companies have expressed their intention to explore strategic opportunities, including a potential business combination. This move comes after TORM clarified that the City Code on Takeovers and Mergers does not apply to it, as its place of central management and control is not considered to be in the UK, the Channel Islands, or the Isle of Man. However, TORM remains subject to the rules in Chapter 8 of the Danish Consolidated Act no. 652 of 10 June 2025 on Capital Markets, as amended, and the Danish Executive Order no. 614 of 02 June 2025 on takeover bids TORM plc: Company Announcement^[2].

TORM is one of the world's leading carriers of refined oil products, operating a fleet of product tanker vessels with a strong commitment to safety, environmental responsibility, and customer service. The company was founded in 1889 and conducts business worldwide. TORM's shares are listed on Nasdaq in Copenhagen and on Nasdaq in New York, with the ticker TRMD A and ISIN GB00BZ3CNK81 TORM plc: Company Announcement^[2].

The acquisition is expected to be completed in the near future, subject to regulatory approvals. Investors are advised to monitor the situation closely, as the potential business combination could have significant implications for both companies.