World News
Coffee Holding Cancels Planned Merger With Delta Corp
US-based Coffee Holding has cancelled its planned merger with Delta Corp, the owner of bunker firm Delta Energy Fuel Supply & Trading.
Coffee Holding has called off the merger after failing to secure approval from shareholders in a vote in April, it said in a statement on its website on Monday.
"After almost two years of attempting to get our previously announced merger with Delta over the finish line, and as the shareholder vote from April to approve the merger proved unsuccessful, the board of directors has elected to terminate the Merger Agreement and move forward as an independent company," Andrew Gordon, CEO of Coffee Holding, said in the statement.
"It is the board's belief that as an independent company, if we can execute our renewed growth strategy, we will be able to create the shareholder value that has eluded us recently."
The plan, first announced in September 2022, was for Delta Corp and Coffee Holding to merge into a new company incorporated in the Cayman Islands under the name Delta Corp Holdings Limited.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 0.00 | 680.00 | 0.00 |
| Rotterdam | 515.00 | 1.00 | 674.00 | 2.00 |
| Houston | 550.00 | 2.50 | 678.00 | 6.50 |
| Fujairah | 560.50 | 0.50 | 753.50 | 2.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 761.00 | 2.00 |
| Global 4 Ports Average | 549.00 | 1.00 | 696.50 | 2.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 800.50 | 2.00 |
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