Will the merger affect the company’s dividend policy or share buyback plans?

The merger is being executed on a stock‑for‑stock basis, meaning CMB.TECH will exchange its shares for Golden Ocean equity rather than paying cash. In transactions of this type companies almost always suspend or significantly scale back any discretionary capital‑return programs (dividends and buybacks) until the deal closes and the new balance‑sheet is clarified. CMB.TECH’s Q2‑2025 update contains no reference to an ongoing dividend or a scheduled share‑repurchase programme, and the proximity of the “expected closing date” suggests management will devote most of the near‑term cash flow to integration costs, debt refinancing and any earn‑out or contingent‑value payments tied to the merger. Consequently, investors should anticipate at least a temporary pause in dividend payouts and a likely suspension of buybacks until the post‑merger capital‑allocation policy is formally disclosed.

From a trading perspective, the merger catalyst is already baked into the share price, as reflected by the very high sentiment score (10) and the upcoming earnings release. Expect heightened volatility in the days surrounding the 28 August earnings call and the eventual merger filing, especially if management provides new guidance on payout policy. Short‑term traders could look for breakouts on the upside if earnings beat expectations, but be mindful of a potential pull‑back once the market digests a likely dividend suspension. Longer‑term holders should monitor the post‑merger shareholder communications for any reinstatement of dividends or buyback authorisations, which could become a key driver of total‑return expectations after integration is complete.