December 21, 2017 / 8:31 AM / 6 months ago

Tanker owner Euronav takes over U.S.-based Gener8 Maritime

SINGAPORE, Dec 21 (Reuters) - Euronav NV, a tanker owner headquartered in Belgium, has reached an agreement with U.S.-based Gener8 Maritime Inc on a stock-for-stock takeover that would make the U.S. company a wholly-owned subsidiary of Euronav, the Belgian company said on Thursday

* Euronav will exchange 0.7272 shares for each share of Gener8, which will result in the issuance of about 60.9 million new Euronav shares to Gener8 shareholders

* "The merger ... is expected to deliver real value for both sets of shareholders. The financial strength of the Combined Entity together with a strong leadership team will make it well placed to navigate the tanker cycle," Carl Steen, chairman of Euronav said in a statement on Thursday

* The deal, which requires approval by a majority of Gener8's shareholders, will create an entity with a balance sheet of over $4 billion, Euronav said

* Once the deal is completed, the combined assets of the two crude tanker operators will total 75 crude tankers, including 44 very large crude carriers (VLCCs) and 28 Suezmax crude tankers

* "This transaction creates the largest independent VLCC fleet in the world," said Peter Georgiopoulos, Chairman and CEO of Gener8

* Euronav will remain listed on the New York Stock Exchange (NYSE) and Euronext, the Belgium-based company said (Reporting by Roslan Khasawneh; Editing by Tom Hogue)

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