Seeking Alpha

Scorpio Tankers +2% on stock swap

  • Scorpio Tankers (STNG +2%) says it bought back 7.5M shares of its own stock using some of its stake in Dorian LPG (LPG +1.2%) as currency, and will record a gain of $11M on the deal.
  • STNG is left with 9.4M Dorian shares after selling 3.42M shares.
  • STNG also says it repurchased 2.76M shares at an average of $8.89 each as part of a $100M share buyback program.
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