Billionaire Fredriksen to merge his dry-bulk firms
Oslo
BILLIONAIRE John Fredriksen will merge the two dry-bulk carrier firms he controls, Golden Ocean Group Ltd and Knightsbridge Shipping Ltd, to prepare for a consolidation and position himself for a market recovery.
Golden Ocean shareholders will receive 0.13749 of a share in Knightsbridge, which will issue 61.5 million shares, the Hamilton, Bermuda-based companies said late on Tuesday. Mr Fredriksen's Hemen Holding Ltd, which owns 41 per cent of Golden Ocean and 38 per cent of Knightsbridge, will, with affiliates, control about 39 per cent of the combined company.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Porsche posts Q1 profit drop on ramp-up costs
Air China orders homegrown C919s in challenge to jet duopoly
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US