Euronav rumored to be close to major tanker merger
According to Wall Street Journal, Belgian carrier Euronav is expected to complete merger negotiations with Gener8 Maritime before the end of the week. Deutsche Bank says the merged entity will become the world's largest crude oil carrier.
by OLE ANDERSEN
Belgian carrier Euronav, which is listed in both New York and Brussels, is set to merge with Gener8 Maritime and this create the world's largest crude carrier. According to sources speaking to Wall Street Journal, the parties are so far in negotiations, that Euronav's CEO Paddy Rogers will be able to present the new tanker merger before the end of the week.
The transaction is expected to be completed as a share trade, whereby shareholders in Euronav will own 75 percent of the merged company.
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