Shareholders see the light

Star Bulk Carriers appears to be on the fringe of firming up its merger with Greek compatriot Oceanbulk.
Dynamic duo: Petros Papps (left) with CEO Spyros Capralos in 2013.

Dynamic duo: Petros Papps (left) with CEO Spyros Capralos in 2013.

In a statement Nasdaq-quoted Star Bulk said shareholders voted in favour of the proposal at a meeting held earlier in the day.

The operator claims an “overwhelming majority” signed off on the deal, which, if all goes according to plan, will create the largest US-listed bulker owner in the world.

While shareholders are backing the bid Star Bulk admits that the transaction is still subject to “the satisfaction or waiver of certain conditions included in the agreements”.

The owner also noted the results of the vote are preliminary and will continue to be considered as such until they are certified by what it described as “independent election inspectors”.

Today, Star Bulk Carriers is led by chief executive Spyros Capralos, who has agreed to step down and take the title of non-executive chairman when the merger is consummated.

This will allow incumbent chairman Petros Pappas, the patriarch of Oceanbulk, to ascend to the throne of the billion-dollar company as soon as pen meets paper.

Star Bulk
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