CMB.Tech (CMBT) shares surged 6.62% in a 24-hour period, following the announcement of a major maritime merger with Golden Ocean Group (GOGL). The significant stock movement comes as investors react positively to the news of the strategic combination that promises to create a maritime powerhouse.

According to the merger agreement, Golden Ocean will merge into CMB.Tech Bermuda, a subsidiary of CMB.Tech, in an all-stock transaction. The deal terms stipulate that each Golden Ocean share will be exchanged for 0.95 new CMB.Tech shares. This arrangement will result in CMB.Tech shareholders owning approximately 70% of the combined entity, with Golden Ocean investors holding the remaining 30%. The merger is set to create a formidable maritime group with a combined fleet of about 250 vessels, significantly enhancing the scale and market presence of both companies.

The boards of both companies have already approved the merger, which is expected to be completed in the third quarter of this year. The market's initial reaction to the news has been overwhelmingly positive, with CMB.Tech's stock price reflecting investors' optimism about the deal's potential to create value. In after-hours trading following the announcement, CMB.Tech shares were up by approximately 3.7%, while Golden Ocean saw a more modest increase of 0.6%.