Bruton to merge with International Seaways, becoming its subsidiary
Bruton will combine with International Seaways, after which it will operate as a subsidiary and be delisted from Oslo Børs.
According to a recent market announcement, Bruton is set to merge with the shipping firm International Seaways, after which Bruton will function as a subsidiary of the latter. Existing Bruton shareholders will be compensated with shares in International Seaways, whereas those holding fewer shares will receive a cash payment. The merger will lead to Bruton’s removal from the Oslo Børs Euronext Growth listing.
The decision comes after Bruton hinted at a strategic review aimed at enhancing shareholder returns. Bruton, originally founded by Tor Olav Trøim to order VLCC-type crude oil tankers, currently operates four VLCCs, one of which has already been delivered, with more vessels slated for delivery in the coming months.
Why it matters
The merger reshapes the ownership structure of two major tanker operators and impacts shareholders on the Oslo market.
In this story
