OMI, Stelmar in tanker merger talks

OMI, Stelmar in tanker merger talks    Stamford, Conn.-based OMI Corp. and fellow tanker shipping group Stelmar Shipping Ltd., based in Athens, Greece, said Monday they are discussing a potential merger.
   Under the proposed merger, Stelmar would receive 40.5 percent in the combined entity based and OMI stockholders would hold the majority of the stock. Both companies are listed on the New York stock exchange and they have a combined market capitalization of about $1.3 billion.
   OMI said Stelios Haji-Ioannou, the founder of Stelmar, and his two siblings, who in the aggregate control approximately 27 percent of Stelmar’s outstanding shares, have separately agreed to support the transaction and have entered into “standstill and support agreements” with OMI.
   OMI has a fleet of 37 vessels aggregating approximately 3 million deadweight tons. Stelmar has a fleet of 41 vessels aggregating approximately 2.3 million deadweight tons.
   If confirmed, the merger will be subject to the approval of shareholders of the companies and regulators, and to other conditions.
   On the New York stock exchange Monday, OMI stock fell 5.9 percent to $10.27, whereas Stelmar’s stock rose 10.3 percent to $27.51.