Golden Ocean Group Limited: GOGL - update on merger with

Golden Ocean Group Limited: GOGL - update on merger with

Golden Ocean Group Limited (GOGL) has been in the spotlight recently due to its proposed merger with CMB.TECH N.V. The merger, announced on April 22, 2025, and formalized with the signing of a Merger Agreement on May 28, 2025, is set to create a new entity with CMB.TECH as the surviving company [1]. Under the terms of the agreement, existing shares of GOGL not already owned by CMB.TECH will be cancelled and exchanged for newly issued shares of CMB.TECH at an exchange ratio of 0.95 CMB.TECH shares for each GOGL share.

The merger has been unanimously approved by the boards of both companies, as well as by GOGL’s independent transaction committee. It remains subject to shareholder approval at a Special General Meeting (SGM) scheduled for August 19, 2025. Shareholders registered as of the record date, July 16, 2025, will be eligible to vote [1].

Following the completion of the merger, GOGL will be delisted from Nasdaq and Euronext Oslo. CMB.TECH will retain its listings on the NYSE and Euronext Brussels and intends to pursue a secondary listing on the Oslo exchange [1].

GOGL has faced market turbulence recently, with a 14.41 percent drop in stock value on March 5, 2025, due to bleak shipping demand forecasts and heightened scrutiny on maritime regulations [2]. The company reported a slump in earnings and revenue for the period ending December 31, 2023, with total revenue hitting $886M, a drop driven by weakened demand and changes in global shipping rates [2]. Despite these challenges, GOGL has begun trimming operational expenses and optimizing its fleet, positioning itself to salvage profitability [2].

The merger with CMB.TECH could provide GOGL with a strategic boost, aligning it with a company that operates and owns dry bulk vessels. The combined entity would transport bulk commodities including grains, ores, coal, and fertilizers, and manage various vessel types such as Newcastlemax, Capesize, Panamax, and Ultramax [3]. Kepler Capital analyst Axel Styrman maintained a Buy rating on GOGL, setting a price target of NOK96.50, even after the company reported a net loss of $44.1 million for Q1 2025 [3].

In conclusion, the proposed merger between GOGL and CMB.TECH is a significant development for both companies. While GOGL has faced market challenges, the merger could provide strategic benefits and align the companies for future growth. Investors should closely monitor the upcoming SGM and the progress of the merger.

References:
[1] https://www.goldenocean.bm/merger-between-cmb-tech-and-golden-ocean-2025/
[2] https://www.timothysykes.com/news/golden-ocean-group-limited-gogl-news-2025_03_05/
[3] https://finance.yahoo.com/news/kepler-capital-reiterates-buy-rating-162312545.html