Torm built up a 30% stake in bulk carrier owner Norden in July 2002 as part of a thwarted hostile takeover bid. It upped its shareholding to 33.5% and has hung onto it as both a canny investment in the red-hot dry bulk market and as a springboard for another takeover bid.
Norden shares have rocketed by over 300% in the last six months, recently reaching a 52-week high of DKK 2,800, but have slipped back almost 2% in the last month to DKK 2,500.
Torm's
