DOHA: Qatar Navigation Company and Qatar Shipping Company yesterday announced that the Boards of Directors of the two companies have agreed to move forward with the proposed merger.

The full terms of the proposed combination (the “Transaction”) were finalized and agreed upon yesterday, the companies said in a news release.

Under the terms of the transaction, Qatar Navigation will acquire all of the outstanding shares of Qatar Shipping in exchange for new shares of Qatar Navigation.

The exchange ratio for the transaction will be one new share of Qatar Navigation for every 2.2 shares of Qatar Shipping. The transaction is subject to approval of the shareholders of both companies at Extraordinary General Meetings and ratification by the Ministry of Business and Trade. [Read More]