Shipping tycoon John Fredriksen has amassed a 76% holding in VLGC owner Avance Gas following a month-long mandatory takeover offer.
The subscription period ended on 12 October and Oslo-listed Avance said Fredriksen's private Hemen Holding had added 33.65% to his original stake through the deal.
Hemen has spent NOK 1.12bn ($131m) on 26.05m shares at NOK 43 each, the current trading price.
But the company has also been snapping up nearly 7m shares in the open market.
The company now owns 75.94%, while Fredriksen's tanker company Frontline also has a small shareholding, bringing the combined stake to 75.94%.
This is an extra 43% in Avance compared with Fredriksen's position before the offer.
A total of 12m shares were tendered on the final day.
DNB Markets is acting as a financial advisor for Hemen.
Petredec cashes out
The biggest chunk is being acquired from UK-based VLGC owner Petredec, the second-biggest shareholder, which had agreed to sell the 17.29% slice worth $67m it had built up this year.
Fredriksen's $255m takeover offer was announced in August.
Avance controls a modern fleet of 13 VLGCs.
The shipowner also has an orderbook of six dual-fuel newbuildings scheduled for delivery between the end of 2021 and 2023.
Taking full control of the outfit marks the culmination of Fredriksen's moves to tighten his grip on the shipowner and fight off potential suitors.
Singapore's BW LPG used to be a significant shareholder but does not now appear on the list of companies holding more than 0.54%, while Dorian LPG owns 0.97%, according to the Avance website.
