The shipping companies Golden Ocean and CMB.Tech want to merge. A letter of intent to this effect has already been signed.
The merger is to take place via a share swap. Golden Ocean will be taken over by CMB. The ratio for the swap is 1:0.95. In both cases, the shipping companies are owned or already controlled by the Saverys family.
It was only in March that CMB acquired a good 40% of the shares in Hemen Holding, owned by Norwegian shipping magnate John Fredriksen. The bulker shipping company currently operates a fleet of 91 ships in the Panamax and Capesize segments. Last year, it generated net income of USD 232 million – a significant increase on the previous year’s USD 112 million.
The Belgians are involved in various segments, including the subsidiaries Delphis (containers), Bocimar (bulk), Bochem (chemical tankers) and Windcat (offshore wind).
The Board of Directors of Golden Ocean has unanimously approved the term sheet, according to a statement. The Supervisory Board of CMB has also approved the planned transaction.
Upon completion of the merger, 95,952,934 new shares of CMB.TECH will be issued, as a result of which the shareholders of CMB.TECH will hold approximately 70% of the total issued share capital of the merged company (67% excluding treasury shares) and the shareholders of Golden Ocean will hold approximately 30% (33% excluding treasury shares).
The merger will create one of the largest listed shipping companies in the world with a combined fleet of more than 250 vessels. According to Alexander Saverys, CEO of CMB.TECH, the future fleet will consist of more than 250 modern vessels in five shipping segments and will be valued at more than $11 billion.
Completion of the merger is still subject to customary conditions, including a confirmatory due diligence review, negotiation and signing of definitive transaction agreements. Closing is targeted for the third quarter.
Upon completion of the merger, Golden Ocean will be delisted from Nasdaq and Euronext in Oslo. CMB.TECH will remain listed on the New York Stock Exchange and Euronext in Brussels and is reportedly seeking a secondary listing on Euronext in Oslo.
