CMB.TECH, the Belgian shipowner controlled by the Saverys family, expects to complete its merger with dry bulk shipowner Golden Ocean Group within the next month and start trading on the New York Stock Exchange (NYSE) as the combined entity.
According to the latest transaction progress disclosed by CMB.TECH, Golden Ocean will hold a special shareholders’ meeting on August 19 to vote on the merger agreement and related matters.
The supervisory board of CMB.TECH and the board of directors of Golden Ocean have unanimously approved the transaction. It should be noted that the approval of CMB.TECH shareholders is not a prerequisite for the merger, and the company has obtained the necessary regulatory approvals, including antitrust approval from the German Federal Cartel Office.
The merger is expected to be completed around August 20. At that time, CMB.TECH’s newly issued shares will begin trading on the New York Stock Exchange, Euronext Brussels, and, tentatively, Euronext Oslo Børs. At the same time, Golden Ocean will delist from Nasdaq and Euronext Oslo Børs.
Pursuant to the previously announced merger agreement, all outstanding common shares of Golden Ocean will be exchanged for newly issued common shares of CMB.TECH. Shareholders will receive 0.95 shares of CMB.TECH for each share of Golden Ocean. Upon completion of the merger, CMB.TECH will issue approximately 95.95 million new common shares. CMB.TECH shareholders will hold approximately 70% (or 67% excluding treasury shares) of the total issued share capital of the merged company, while Golden Ocean shareholders will own approximately 30% (or 33% excluding treasury shares).
It is reported that this merger will create one of the world’s largest publicly listed diversified shipping groups, with a fleet size of approximately 250 vessels following the merger. CMB.TECH currently operates over 160 vessels, including oil tankers, bulk carriers, container ships, offshore wind power vessels, and workboats. Golden Ocean owns 87 modern Capesize bulk carriers and Newcastlemax bulk carriers, and the merged entity will become one of the largest and most modern dry bulk fleets in the world.