Diana Shipping Trims Genco Stake Below 10% Following Abandoned Takeover
The Greek dry bulk owner has begun paring back its equity position in U.S.-listed Genco Shipping & Trading weeks after ending its acquisition campaign.
Diana Shipping has initiated a sell-down of its shareholding in Genco Shipping & Trading, reducing its ownership interest in the rival dry bulk carrier below the 10% threshold.
The equity reduction comes only weeks after Diana Shipping formally abandoned its contentious effort to acquire the U.S.-listed owner, ending an active pursuit aimed at merging the two dry bulk fleets.
Crossing back below the 10% ownership mark reflects a strategic retreat from the target company following the conclusion of the takeover push, which had faced opposition during the bid process.
The move marks a notable unwind of Diana Shipping's substantial equity position in Genco, scaling back its exposure after the proposed corporate combination failed to materialize.
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