CMB.TECH to merge with Golden Ocean, expanding global fleet
Antwerp-based CMB.TECH, formerly known as Euronav, plans to merge with Norwegian dry bulk shipping company Golden Ocean Group. The merger would create one of the world’s largest diversified listed maritime groups, with a combined fleet of over 250 vessels.
In early March, CMB.TECH acquired a 40.8 per cent stake in Golden Ocean for nearly 1.2 billion USD from Norwegian shipping magnate John Fredriksen, whose company Frontline originally spun off Golden Ocean in 2004.
The companies aim to finalise the merger agreement by the end of the current quarter and complete the transaction in the third quarter, pending regulatory approvals.
As part of the deal, Golden Ocean shareholders would receive 0.95 newly issued CMB.TECH shares per Golden Ocean share. Post-merger, CMB.TECH shareholders will hold 70 per cent of the new entity, with Golden Ocean shareholders owning the remaining 30 per cent.
Golden Ocean, currently listed in Oslo and New York, will be delisted from both exchanges following the merger. CMB.TECH, which is already listed in Brussels and New York, plans to seek a listing in Oslo as well.
Shift in strategy
The Belgian Saverys family controls over 90 per cent of CMB.TECH following a public takeover bid. It steered the company away from its oil tanker roots after a dispute with Frontline over Euronav’s strategic direction.
CMB.TECH now positions itself as a diversified maritime group with a focus on decarbonisation.
“By merging CMB.TECH and Golden Ocean, we take another major step forward in building our leading diversified maritime group,” said CEO Alexander Saverys. He said the merged fleet would be made up of "more than 250 modern vessels spread across five shipping divisions", with a total value exceeding 11 billion USD.
"Combined with our stock market listings and improved liquidity in our shares, we will have all the necessary leverage to continue investing in our fleet and seize opportunities," he said.
Golden Ocean CEO Peder Simonsen added: “This transaction enables us to offer our customers an even broader range of services, provide our employees with more growth opportunities and – last but not least – create sustainable value for our shareholders.”
#FlandersNewsService | © BELGA PHOTO DIRK WAEM
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