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26 September 2018 The on-line newspaper devoted to the world of transports 04:45 GMT+2



December 21, 2017

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Original news
The Euronav Belgian has tightened an agreement of fusion with the Gener8 American Maritime

A fleet of 44 VLCC and 28 will come mass together Suezmax for a total ability to beyond 18 million tpl

The shipowning society Belgian Euronav, than work a fleet of 53 ships for the transport of crude oil, has tightened an agreement of fusion with the Gener8 American Maritime, company that is active in the same field with a fleet of 30 tankers formed from 21 VLCC, six Suezmax, a Aframax and two Panamax for an ability to total cargo pairs to 7,5 million gross capacities in tons.

The understanding previews the exchange of 0,7272 sets in action Euronav for each action of the Gener8 with the emission of about 60,9 million new sets in action of the Euronav that will be conferred the shareholders of the Gener8. To conclusion of the operation the current shareholders of the Euronav will stop 72% about of the capital of the society after the fusion, while the current shareholders of the Gener8 will possess having remained 28% about of the Euronav.

The current capitalization of securities market of the Gener8 is pairs to 363 million dollars, while that of the Euronav is of about 1,3 billion dollars. With the fusion, with which Gener8 will integrally become a controlled society from the Euronav, this last one will have a fleet of 44 Very Large Raw Carrier (VLCC) and 28 Suezmax for a total ability to beyond 18 million gross capacities in tons.

"I - he has commented the president and managing director of the Gener8, Peter Georgiopoulos - have been an assertor of the consolidation in the field of the shipping and I have always asserted that we would have been purchasers or vendors based on whom it would have been better for our shareholders. This transaction - it has emphasized - creates the greatest independent fleet than VLCC of the world. The company been born from the fusion has a future a lot shining from which the shareholders will draw benefit are of Gener8 that of Euronav".

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