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(From Lloyds List)
Byline: Canadian group's stake in the Norwegian firm reaches 40% with a full takeover likely within a month, writes Martyn Wingrove
TEEKAY Shipping is set to launch a mandatory offer for Norwegian company Petrojarl to jump into North Sea floating production markets.
The Canadian group has now acquired 40% of Oslo-listed Petrojarl's shares and by law needs to launch the bid to buy the rest of the stock within the next four weeks.
Speaking to Lloyd's List, Teekay's chief executive Bjorn Moller said Petrojarl would be a good fit in Teekay Offshore, which is to be listed in New York soon.
His company has registered …