Belgravia

Norwegian shipping tycoon John Fredriksen agreed to take over rival Knightsbridge Tankers, creating a major operator of dry bulk carriers with 39 vessels as the sector gears up for an expected recovery. Fredriksen's unlisted Frontline 2012 unit, which already owns 38 percent of Knightsbridge, agreed to hand over newbuild contracts on 25 vessels in exchange for new shares that will raise its stake in the firm to 70 percent, Frontline said in a statement. Fredriksen controls a further 3 percent of Knightsbridge. Frontline will receive 62 million Knightsbridge shares in two tranches, worth $777.5 million at Wednesday's closing price.