Stelmar prepares meeting for takeover approval

Stelmar prepares meeting for takeover approval    Stelmar Shipping Ltd., a Greek tanker shipping company listed on the New York Stock Exchange, is sending documents to its shareholders ahead of a special meeting of shareholders to be held Nov. 16 in New York to vote on the approval of the takeover of the company by affiliates of Fortress Investment Group LLC.
   Last month, Stelmar’s board of directors approved an agreement for Stelmar to be acquired by affiliates of Fortress Investment Group, an investment firm based in New York, for $677 million in cash.
   “Stelmar anticipates that the merger will become effective as promptly as practicable after the special meeting, subject to its approval by shareholders,” the company said.
   Based in Athens, Stelmar owns a 40-strong vessel fleet consisting of 24 Handymax, 13 Panamax and three Aframax tankers.