Diana Shipping has secured approximately 30% of the voting shares in rival dry bulk carrier Genco Shipping & Trading, bringing the acquirer closer to a controlling stake in the contested merger.
The milestone marks a significant shift in the months-long standoff between the two Greek-owned shipping groups, with Diana’s backing from shareholders growing despite resistance from Genco’s management.
According to Naftemporiki, the response from Genco shareholders has reached the 30% threshold, signaling that a substantial bloc of investors remains willing to support the Semiramis Palaiou group’s bid.
The development follows a two-week extension granted to Diana’s takeover proposal, a move designed to keep the consolidation effort alive after initial attempts to secure a majority stake fell short.
According to Naftemporiki, the response from Genco shareholders has reached the 30% threshold, signaling that a substantial bloc of investors remains willing to support the Semiramis Palaiou group’s bid.
This level of support increases the leverage Diana holds in negotiations, as it narrows the gap to the majority control needed to force a deal through.
Genco’s board has previously declined to engage with the proposal, citing strategic disagreements and concerns over the terms of the acquisition.