New York-listed Teekay Corp has added to its shareholding in its Teekay LNG Partners spin-off in a share deal that removes "uncertainty" for other investors.
The two companies have agreed to scrap all incentive distribution rights (IDRs) in exchange for awarding the parent nearly 10.8m newly-issued Teekay LNG common shares.
The parent now owns 36m shares in the partnership and remains the sole owner of Teekay GP, the general partner of Teekay LNG.
