Teekay Tankers reported that Azvalor Asset Management's interest in Teekay Tankers has fallen below 5%, according to a regulatory filing.
The Spanish asset management firm reported holding more than 11.8 million shares in Teekay Tankers, just under 4.9% of the company. The investment firm had reported a stake of 7.4 million shares in July, representing 5.2% ownership.
Last week, New York-listed Teekay Tankers, a subsidiary of Teekay Corp, said it had closed its previously announced merger with Tankers Investments Ltd.
As part of the deal, each outstanding share of TIL common stock was exchanged for the right to receive 3.3 shares of Teekay Tankers, of which TIL became a wholly owned subsidiary.
Teekay Tankers has 242.5 million in outstanding shares, which gained 1.2% to $1.63 in afternoon trading.
