CMB.Tech acquires Norwegian shipping company Golden Ocean
The Antwerp-based maritime group CMB.Tech, formerly known as Euronav, is acquiring the Norwegian dry bulk shipping company Golden Ocean Group. The merger will create one of the largest diversified listed maritime groups in the world, with a combined fleet of more than 250 vessels.
The listed company CMB.Tech currently has 162 vessels. It is owned by the Saverys family, Belgium's most famous shipping dynasty.
In early March, the Belgian group had already acquired 40.8 per cent of Golden Ocean for nearly 1.2 billion dollars. It had purchased this stake from Norwegian shipping magnate John Fredriksen, who controls the tanker shipping company Frontline. Golden Ocean was spun off from Frontline in 2004.
The transaction concluded on Wednesday will take place via a share merger, as provided for in the terms sheet announced on 22 April, when the two companies made their merger plans public. Golden Ocean Group will merge with and into CMB.Tech Bermuda, a subsidiary of the Belgian shipping group.
The merger was unanimously approved by the top management of both companies, according to the press release. As part of the deal, Golden Ocean shareholders would receive 0.95 newly issued CMB.Tech shares per Golden Ocean share. After the merger, the current CMB.Tech shareholders will hold about 70 per cent of the new entity, with Golden Ocean shareholders owning the remaining 30 per cent.
CMB.Tech is now looking to add a listing in Oslo to its existing listings in Brussels and New York.
#FlandersNewsService | Logo of Antwerp-based maritime group CMB.Tech © BELGA PHOTO JASPER JACOBS
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