Sverre Tidemand’s Belships and the Frode Teigen-controlled companies Kontrari and Kontrazi have signed a plan to merge.
Tidemand’s investment vehicle Sonata, the largest shareholder in Belships, will sell 30.2% of Belships’ shares to Kontrari and Kontrazi, which will then merge their business with Belships – with Belships shares as payment.
The merger is based on a valuation of Belships of $37.66m.
On the strategic rationale for the deal, Belships stated in a release: “The Merger will increase Belships’ fleet from seven to 16 vessels and significantly improve Belships’ position within the Supramax and Ultramax segments. The consolidated fleet will have an increased earnings capacity and provide opportunities to realise synergies through improved cost efficiency. The larger fleet will also potentially contribute to improved commercial terms through a stronger negotiation position towards charterers.”
