Fredriksen Sells $1.2 Billion Stake in Bulk Shipper Golden Ocean

Norwegian shipping billionaire John Fredriksen sold his 41% stake in Golden Ocean for $1.2 billion, exiting the dry bulk shipping company that he spun off from Frontline Plc more than two decades ago.

Fredriksen-controlled Hemen Holding Limited sold 81.4 million shares to CMB.Tech, the Oslo-based company said in a statement. The transaction won’t trigger a mandatory takeover bid or similar offer, it said.

Golden Ocean is the largest owner of Capesize dry bulk vessels, growing from 3 vessels to 91 since spinning off from tanker company Frontline in 2004. It has paid out about $2 billion of dividends ...