GOGL - Update on the CMB.TECH Merger Process
The transaction is structured as a stock-for-stock merger, with Golden Ocean merging with and into CMB.TECH Bermuda Ltd. ("CMB.TECH Bermuda'), a wholly-owned subsidiary of CMB.TECH, with CMB.TECH Bermuda as the surviving company (the 'Merger'). In the framework of the Merger, all outstanding common shares of Golden Ocean will ultimately be exchanged for newly issued CMB.TECH ordinary shares at an exchange ratio of 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean (the 'Exchange Ratio'), subject to customary adjustments pursuant to the agreement and plan of merger dated 28 May 2025 (the 'Merger Agreement'). Upon closing of the Merger, CMB.TECH would issue approximately 95,952,934 new ordinary shares, assuming the Exchange Ratio is not adjusted.
It is noted that the notice by Golden Ocean to hold a special general meeting on 19 August 2025 at 9.00 am ADT, at Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM 08, Bermuda, to vote on, among other things, the approval of the Merger Agreement, the Bermuda Merger Agreement (as defined in the Merger Agreement) and the transactions contemplated thereby including the Merger and the appointment of the exchange agent (the 'Golden Ocean SGM'), is available on the website of Golden Ocean: GOGL – Notice of Special General Meeting – Golden Ocean. Golden Ocean shareholders of record at the close of business on the record date (16 July 2025) will be entitled to vote at the Golden Ocean SGM.
Subject to a positive outcome of the Golden Ocean SGM, approval of the secondary listing on Euronext Oslo Børs and timely fulfillment of the Merger closing conditions set forth in the Merger Agreement, such as the Golden Ocean refinancing which is progressing, the parties intend to complete the Merger as soon as possible after the Golden Ocean SGM. The parties currently expect closing to take place on or around 20 August 2025, which would also be the first day of trading for the newly issued shares on NYSE, Euronext Brussels and, tentatively, the first day of trading of CMB.TECH on Euronext Oslo Børs. The day prior to the closing date would be the last day of trading of Golden Ocean's common shares on Nasdaq and on Euronext Oslo Børs.
More information can be found in the registration statement on Form F-4 (the 'Registration Statement') filed by CMB.TECH with the SEC on 1 July 2025, which was declared effective by the SEC on 16 July 2025.
Golden Ocean has received customary demand letters for additional disclosure in relation to the Registration Statement, as well as correspondence from certain shareholders stating their intention to exercise their rights as dissenting shareholders under Bermuda law, and notes that related legal proceedings have been filed. Golden Ocean and CMB.TECH and will analyse these claims and address them appropriately.
About Golden Ocean
Golden Ocean is a Bermuda incorporated shipping company specialising in the transportation of dry bulk cargoes. As of June 2025, the Golden Ocean fleet consists of 89 vessels, with an aggregate capacity of approximately 13.5 million deadweight tonnes. Golden Ocean's ordinary shares are listed on Nasdaq with a secondary listing on the Euronext Oslo Børs under the ticker symbol 'GOGL'.
About CMB.TECH
CMB.TECH is a diversified and future-proof maritime group that owns and operates more than 160 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels and workboats. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.
CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.
CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol 'CMBT'.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. CMB.TECH and Golden Ocean desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and they are including this cautionary statement in connection with this safe harbor legislation. The words 'believe', 'anticipate', 'intends', 'estimate', 'forecast', 'project', 'plan', 'potential', 'may', 'should', 'expect', 'pending' and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, CMB.TECH and Golden Ocean's management's examination of historical operating trends, data contained in company records and other data available from third parties. Although managements of CMB.TECH and Golden Ocean believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond CMB.TECH or Golden Ocean's control, there can be no assurance that CMB.TECH or Golden Ocean will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, the failure to satisfy the conditions to completion of the Merger set forth in the Merger Agreement, the failure to obtain required shareholder approvals, the failure to complete the Merger within the expected timeframe or at all, the potential for the Merger Agreement to be terminated in accordance with its terms, the exercise of appraisal rights by Golden Ocean shareholders, the potential for litigation in connection with the Merger, the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk and tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
You are cautioned not to place undue reliance on CMB.TECH's and Golden Ocean's forward-looking statements. These forward-looking statements are and will be based upon their respective managements' then-current views and assumptions regarding future events and operating performance and are applicable only as of the dates of such statements. Neither CMB.TECH nor Golden Ocean assumes any duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.
Disclaimer
Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons distributing this communication must satisfy themselves that it is lawful to do so. The potential transactions described in this announcement and the distribution of this announcement and other information in connection with the potential transactions in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions.
This announcement is not a recommendation in favor of the proposed Merger described herein. In connection with the proposed Merger, CMB.TECH has filed with the SEC the Registration Statement that includes a prospectus of CMB.TECH and a proxy statement of Golden Ocean. CMB.TECH also has filed other relevant documents with the SEC regarding the proposed Merger. YOU ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. You may obtain a free copy of the proxy statement/prospectus and other relevant documents that CMB.TECH files with the SEC at the SEC's website at www.sec.gov.
This information is considered inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act.
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Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. President Trump has said he loves farmers, but his policies are starting to ripple across the agriculture industry. Trump's tariff policies, in particular, are beginning to raise the cost of machinery and fertilizers, weighing on profits. Bloomberg reports: Read more here. The US has slapped a 39% tariff on Switzerland, leaving the country's leaders reeling Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Bloomberg took a deep dive looking at how the tariff negotiations between the Trump administration and Switzerland began with promise, but eventually led to the US slapping a devastating 39% levy on the country: Read more here. Trump says US court ruling against tariff authority 'would be 1929 all over again' Yahoo Finance's Alexis Keenan reports: Read more here. Yahoo Finance's Alexis Keenan reports: Read more here. Carney is patching up ties with Mexico in face of Trump threats Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Canadian Prime Minister Mark Carney is working to repair relations with Mexico as both nations prepare for the fallout from US tariffs. Canrey recently met with Mexican President Claudia Sheinbaum and various corporate executives. Bloomberg reports: Read more from Bloomberg here. Swiss plane maker Pilatus halts business jet deliveries to US over tariffs Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Swiss aircraft manufacturer Pilatus said it temporarily stopped deliveries of its PC-12 and PC-24 business jets to the US after President Trump imposed a punishing 39% tariff rate on imports from Switzerland. "The new customs tariff imposed by the US authorities represents a significant competitive disadvantage for Pilatus," the privately held company said. From Reuters: Read more here. Under Armour forecasts downbeat quarterly sales, shares drop Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates. The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty. Reuters reports: Read more here. China defends buying Russian oil after Trump's tariff threat China defended its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for buying energy from Moscow. Trump warned both China and India this week and said he would impose higher tariffs on the nations if they didn't stop buying oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%. Bloomberg News reports: Read more here. China defended its purchase of Russian oil on Friday, pushing back against President Trumps threat to impose higher tariffs on Beijing for buying energy from Moscow. Trump warned both China and India this week and said he would impose higher tariffs on the nations if they didn't stop buying oil from Russia. The US president followed through on his threat by slapping an additional 25% tariff on India, bringing the total to 50%. Bloomberg News reports: Read more here. Gold bar tariff surprise gives new blow to Switzerland The US has imposed tariffs on imports of 1kg and 100oz gold bars, unleashing fresh turmoil in the global bullion market. The move threatens trade from Switzerland and other major refining centers. US Customs and Border Protection confirmed that these gold bars are now subject to tariffs, contradicting earlier industry expectations. The Financial Times first reported this change. Bloomberg reports: Read more here. The US has imposed tariffs on imports of 1kg and 100oz gold bars, unleashing fresh turmoil in the global bullion market. The move threatens trade from Switzerland and other major refining centers. US Customs and Border Protection confirmed that these gold bars are now subject to tariffs, contradicting earlier industry expectations. The Financial Times first reported this change. Bloomberg reports: Read more here.
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Diversified Foodservice Supply Appoints Lev Peker as Chief Executive Officer
VERNON HILLS, Ill., Aug. 11, 2025 /PRNewswire/ -- Diversified Foodservice Supply (DFS), a leading provider of equipment, supplies, and parts to the foodservice industry, is pleased to announce the appointment of Lev Peker as Chief Executive Officer. Peker brings a strong track record of leadership and growth from the automotive aftermarket industry, where he excelled as CEO of PartsID and There, he successfully scaled operations, enhanced customer experience, and delivered strong financial results. His deep expertise in e-commerce, operational efficiency, and system modernization aligns closely with DFS's strategic priorities. Known for his passion for innovation and customer focus, Peker has built a reputation for driving performance through streamlined operations and fostering a strong team culture. While foodservice is a new space for him, his adaptable leadership style and proven business acumen are expected to bring a fresh perspective and renewed energy to DFS. "I'm honored to join DFS at such a pivotal time," said Peker. "The opportunity to lead a company with such deep industry roots and a strong customer-first culture is incredibly exciting. I look forward to building on this foundation and unlocking new ways to deliver value through innovation, operational excellence, and digital transformation." For more information on DFS or its companies, visit About Diversified Foodservice SupplyDiversified Foodservice Supply (DFS), LLC, based in Vernon Hills, IL, is a leader in parts, supplies, and accessories for the food industry, serving over 250,000 foodservice customer locations worldwide. DFS is uniquely positioned with a broad product assortment that offers customers a choice between national brands from leading OEMs and high-quality exclusive brands such as Mavrik OCM parts, Franklin kitchen accessories, and KNG apparel. Along with a comprehensive inventory of in-stock products that ship the same day, DFS offers industry-leading warranties, and an award-winning customer service team comprised of veterans from the restaurant and service industries. The company markets its products to service professionals, resellers, and restaurant operators through its proprietary banners, including AllPoints, TundraFMP, Gaskets Unlimited, and Espresso Parts. Contact Information:Diversified Foodservice Supply (DFS)Rachel Seersee@ View original content to download multimedia: SOURCE Diversified Foodservice Supply Sign in to access your portfolio
