CMB.TECH acquires Hemen’s shares in Golden Ocean – Disclosure of large shareholdings
CMB.TECH has announced the acquisition of a significant stake in Golden Ocean Group through its wholly-owned subsidiary. The transaction involves purchasing 81,363,730 shares from Hemen Holding at $14.49 per share, representing approximately 40.4% of Golden Ocean's issued share capital.
The acquisition aligns with CMB.TECH's strategic diversification objectives, with the company aiming to become a long-term shareholder in Golden Ocean and invest in a modern dry bulk fleet. The transaction completion is expected on March 12, 2025, with no conditions attached.
CMB.TECH has already identified a bank syndicate to refinance Golden Ocean's current outstanding debt if needed. The transaction will not trigger a mandatory takeover bid in any jurisdiction. Alexander Saverys, CEO of CMB.TECH, expressed commitment to building on Golden Ocean's legacy for long-term growth and innovation.
CMB.TECH ha annunciato l'acquisizione di una partecipazione significativa in Golden Ocean Group attraverso la sua controllata interamente posseduta. La transazione prevede l'acquisto di 81.363.730 azioni da Hemen Holding a 14,49 dollari per azione, rappresentando circa il 40,4% del capitale sociale emesso di Golden Ocean.
L'acquisizione è in linea con gli obiettivi strategici di diversificazione di CMB.TECH, con l'azienda che mira a diventare un azionista di lungo termine di Golden Ocean e a investire in una moderna flotta di secco. Si prevede che il completamento della transazione avvenga il 12 marzo 2025, senza condizioni attaccate.
CMB.TECH ha già identificato un sindacato bancario per rifinanziare il debito attualmente in essere di Golden Ocean, se necessario. La transazione non innescherà un'offerta pubblica obbligatoria in alcuna giurisdizione. Alexander Saverys, CEO di CMB.TECH, ha espresso il suo impegno a costruire sul lascito di Golden Ocean per una crescita e innovazione a lungo termine.
CMB.TECH ha anunciado la adquisición de una participación significativa en Golden Ocean Group a través de su filial de propiedad total. La transacción implica la compra de 81.363.730 acciones de Hemen Holding a 14,49 dólares por acción, lo que representa aproximadamente el 40,4% del capital social emitido de Golden Ocean.
La adquisición se alinea con los objetivos estratégicos de diversificación de CMB.TECH, con la empresa buscando convertirse en un accionista a largo plazo de Golden Ocean e invertir en una moderna flota de graneles secos. Se espera que la finalización de la transacción ocurra el 12 de marzo de 2025, sin condiciones adjuntas.
CMB.TECH ya ha identificado un sindicato bancario para refinanciar la deuda pendiente actual de Golden Ocean, si es necesario. La transacción no desencadenará una oferta pública obligatoria en ninguna jurisdicción. Alexander Saverys, CEO de CMB.TECH, expresó su compromiso de construir sobre el legado de Golden Ocean para un crecimiento e innovación a largo plazo.
CMB.TECH는 전액 출자한 자회사를 통해 Golden Ocean Group의 중요한 지분을 인수했다고 발표했습니다. 이 거래는 Hemen Holding으로부터 주당 14.49달러에 81,363,730주를 구매하는 것으로, Golden Ocean의 발행 주식 자본의 약 40.4%를 차지합니다.
이번 인수는 CMB.TECH의 전략적 다각화 목표와 일치하며, 회사는 Golden Ocean의 장기 주주가 되고 현대적인 벌크 선대에 투자할 계획입니다. 거래 완료는 2025년 3월 12일로 예상되며, 조건은 없습니다.
CMB.TECH는 필요할 경우 Golden Ocean의 현재 미지급 채무를 재융자하기 위해 은행 신디케이트를 이미 확인했습니다. 이 거래는 어떤 관할권에서도 의무적 인수 제안을 촉발하지 않습니다. Alexander Saverys CMB.TECH CEO는 Golden Ocean의 유산을 기반으로 장기적인 성장과 혁신을 위해 노력할 것이라고 밝혔습니다.
CMB.TECH a annoncé l'acquisition d'une participation significative dans Golden Ocean Group par le biais de sa filiale entièrement détenue. La transaction implique l'achat de 81 363 730 actions auprès de Hemen Holding à 14,49 dollars par action, représentant environ 40,4 % du capital social émis de Golden Ocean.
L'acquisition s'inscrit dans les objectifs stratégiques de diversification de CMB.TECH, l'entreprise visant à devenir un actionnaire à long terme de Golden Ocean et à investir dans une flotte moderne de vracs secs. La finalisation de la transaction est prévue pour le 12 mars 2025, sans conditions associées.
CMB.TECH a déjà identifié un syndicat bancaire pour refinancer la dette actuelle de Golden Ocean si nécessaire. La transaction ne déclenchera pas d'offre publique obligatoire dans aucune juridiction. Alexander Saverys, PDG de CMB.TECH, a exprimé son engagement à s'appuyer sur l'héritage de Golden Ocean pour une croissance et une innovation à long terme.
CMB.TECH hat die Übernahme einer signifikanten Beteiligung an Golden Ocean Group durch seine hundertprozentige Tochtergesellschaft angekündigt. Die Transaktion umfasst den Kauf von 81.363.730 Aktien von Hemen Holding zu einem Preis von 14,49 Dollar pro Aktie, was ungefähr 40,4% des ausgegebenen Aktienkapitals von Golden Ocean entspricht.
Die Übernahme steht im Einklang mit den strategischen Diversifizierungszielen von CMB.TECH, wobei das Unternehmen plant, ein langfristiger Aktionär von Golden Ocean zu werden und in eine moderne Trockenbulkflotte zu investieren. Der Abschluss der Transaktion wird für den 12. März 2025 erwartet, ohne angehängte Bedingungen.
CMB.TECH hat bereits ein Bankenkonsortium identifiziert, um gegebenenfalls die derzeit ausstehenden Schulden von Golden Ocean umzuschulden. Die Transaktion wird in keiner Jurisdiktion ein verpflichtendes Übernahmeangebot auslösen. Alexander Saverys, CEO von CMB.TECH, bekundete sein Engagement, auf dem Erbe von Golden Ocean für langfristiges Wachstum und Innovation aufzubauen.
- Acquisition of 40.4% stake in Golden Ocean strengthens market position
- Bank syndicate secured for potential refinancing needs
- Strategic diversification into modern dry bulk fleet
- No mandatory takeover bid requirements
- Significant capital outlay of approximately $1.18 billion for share purchase
- Potential need to refinance Golden Ocean's existing debt
- Risk of integration and management transition
Insights
CMB.TECH's acquisition of Hemen's 40.4% stake in Golden Ocean at
The premium valuation is particularly noteworthy as it establishes a significant value benchmark for Golden Ocean's modern fleet in the current market. While no mandatory takeover bid will be triggered, this transaction establishes CMB.TECH as the dominant shareholder, potentially bringing strategic stability to Golden Ocean after being under Fredriksen's Hemen umbrella.
CMB.TECH's proactive arrangement of a banking syndicate to potentially refinance Golden Ocean's debt demonstrates commitment to ensuring financial stability during this ownership transition. The strategic rationale aligns with CMB.TECH's diversification objectives while potentially bringing new operational expertise to Golden Ocean's already established platform.
For existing Golden Ocean shareholders, this development indicates a floor valuation substantially above current market prices and introduces a committed strategic investor with apparent long-term intentions rather than short-term financial engineering motives.
This acquisition marks a significant shift in the competitive landscape of the global dry bulk shipping sector. CMB.TECH, primarily known for its technological innovation and alternative fuel solutions in maritime transport, is now positioning itself as a major player in the conventional dry bulk market through this strategic stake in Golden Ocean.
Golden Ocean operates one of the industry's most modern Capesize and Panamax fleets, with vessels optimized for efficient transportation of commodities like iron ore, coal, and grain. This acquisition allows CMB.TECH immediate scale in the dry bulk sector without the lengthy process of newbuild delivery schedules or piecemeal secondhand purchases.
The changing of guard from shipping magnate John Fredriksen's Hemen to the Saverys family-controlled CMB.TECH represents a transfer between two of shipping's most influential European shipping dynasties. The Saverys family brings extensive expertise in bulk shipping through their historical involvement with CMB Group.
Industry implications could be substantial as CMB.TECH may leverage Golden Ocean's fleet as a platform to accelerate the implementation of emissions-reduction technologies, potentially accelerating the dry bulk sector's green transition while maintaining the operational efficiencies that Golden Ocean has established. This strategic alignment positions the combined entity to potentially navigate upcoming regulatory challenges more effectively than competitors.
CMB.TECH's acquisition of Hemen's
The premium valuation establishes a significant value benchmark for Golden Ocean's modern dry bulk fleet in the current market. While no mandatory takeover bid will be triggered, this transaction establishes CMB.TECH as the dominant shareholder, bringing a new strategic direction after being under Fredriksen's Hemen umbrella.
CMB.TECH's proactive arrangement of a banking syndicate to potentially refinance Golden Ocean's debt demonstrates commitment to ensuring financial stability during this ownership transition. The strategic rationale aligns with CMB.TECH's stated diversification objectives while potentially bringing new operational expertise to Golden Ocean's established platform.
For existing Golden Ocean shareholders, this development indicates a substantial floor valuation well above current market prices and introduces a committed strategic investor with stated long-term intentions rather than short-term financial engineering motives.
This acquisition marks a significant shift in the competitive landscape of the global dry bulk shipping sector. CMB.TECH gains immediate scale in the dry bulk segment through Golden Ocean's modern fleet without the lengthy process of newbuild delivery schedules or piecemeal secondhand purchases.
The changing of guard from shipping magnate John Fredriksen's Hemen to the Saverys family-controlled CMB.TECH represents a transfer between two of shipping's most influential European shipping dynasties, potentially bringing fresh strategic perspectives to Golden Ocean's operations.
ANTWERP, Belgium, 4 March, 2025 - CMB.TECH NV (NYSE: CMBT & Euronext: CMBT) (“CMB.TECH”) today announced that it, through its wholly-owned subsidiary, CMB.TECH Bermuda Ltd., has entered into a share purchase agreement with Hemen Holding Limited (“Hemen”), for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (“Golden Ocean”) at a price of 14.49 USD per share (the “Transaction”). The shares represent approx.
This acquisition is in line with CMB.TECH’s strategic objective of diversification, with CMB.TECH intending to become a long-term shareholder in Golden Ocean and investing in a modern dry bulk fleet.
Alexander Saverys, CEO of CMB.TECH, commented: "The acquisition of the Golden Ocean shares from Hemen represents a significant milestone in CMB.TECH’s diversification strategy. We look forward to engaging with the board, management and employees of Golden Ocean and to build on Golden Ocean’s and Mr. Fredriksen’s strong legacy to drive long-term growth and innovation”.
The Transaction is not subject to any conditions, and completion is expected to take place on 12 March 2025. To the extent the Transaction might impact Golden Ocean’s financing agreements, CMB.TECH has identified a bank syndicate to refinance all or parts of the current outstanding debt in Golden Ocean.
The Transaction will not trigger a mandatory takeover bid or similar offer in Bermuda, Norway, the United States, or any other jurisdiction.
Please refer to CMB.TECH’s separate announcement today regarding the Transaction, available on CMB.TECH’s website https://cmb.tech. CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT. More information can be found at https://cmb.tech.
This information is subject to the disclosure requirements set out in section 4-2 of the Norwegian Securities Trading Act.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. CMB.TECH desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in CMB.TECH’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Disclaimer
Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons distributing this communication must satisfy themselves that it is lawful to do so. The potential transactions described in this announcement and the distribution of this announcement and other information in connection with the potential transactions in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions.
This announcement is for information purposes only and is not an offer or a tender offer document and, as such, is not intended to constitute or form any part of an offer or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction.
This notice does not constitute a takeover bid to purchase securities of CMB.TECH or Golden Ocean or anyone else nor a solicitation by anyone in any jurisdiction with respect to CMB.TECH or Golden Ocean or anyone else. No action has been taken to enable a takeover bid in any jurisdiction, and no such actions will be taken. Neither this notice nor any other information in respect of the matters contained herein may be supplied in any jurisdiction where a registration, qualification or any other obligation is in force or would be with regard to the content hereof or thereof. Any failure to comply with these restrictions may constitute a violation of the financial laws and regulations in such jurisdictions.
Additional Information for U.S. Holders
The securities offered will not be and have not been registered under the US Securities Act of 1933 and may not be sold in the United States absent registration an applicable exemption from registration.
FAQ
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