Excel Maritime Carriers has snapped up bulker rival Quintana Maritime in a $2.45bn deal less than two weeks after the sale was officially called off.
In a statement issued by the Nasdaq-listed duo today it emerged that Quintana will become a wholly owned subsidiary of Excel.
Stamatis Molaris, president and CEO of Quintana, will join Excel as CEO with Excel chief Gabriel Panayotides remaining in the chairman’s seat.
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