Teekay Completes Bona Shipholding Acquisition

June 14, 1999

Teekay Shipping Corp. has completed its cash and stock acquisition of Bona Shipholding Ltd. Under the deal, Bona’s shares were converted into a right to receive either a cash payment of $7.00 for each Bona share or 0.485 of a Teekay share for each Bona share.

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