General Maritime, Arlington Tankers combine; shares to trade beginning Wednesday

By Lisa Kerner

Charlotte, N.C., Dec. 16 - General Maritime Corp. and Arlington Tankers Ltd. completed their combination to form a public company known as General Maritime Corp. (formerly Galileo Holding Corp.).

Shareholders of both companies approved the transaction at separate special meetings on Tuesday.

Shares of the combined company were expected to begin trading Wednesday on the New York Stock Exchange under the symbol "GMR."

As previously reported, General Maritime and Arlington Tankers agreed to combine in a stock-for-stock deal that gives General Maritime shareholders 1.34 shares of the combined company for each share of General Maritime held.

Shareholders of Arlington Tankers will receive one share of the combined company for each share of Arlington Tankers held.

General Maritime chairman, president and chief executive officer Peter Georgiopoulos said the combined company is poised to continue to create near-term value for shareholders through a $2-per-share dividend target.

"The improved liquidity of the combined company will allow us to pursue future growth opportunities and increase shareholder value for the long-term," Georgiopoulos added.

Both General Maritime and Arlington Tankers ship crude oil products. New York-based General Maritime operates 21 tankers. The former Arlington Tankers, located in Hamilton, Bermuda, operates a newer fleet of eight tankers.

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