Shares of both Scorpio Bulkers and Scorpio Tankers are not reacting favourably to management's decision to invest millions of dollars of one company into the other.
Scorpio Bulkers yesterday announced a $100m investment in Scorpio Tankers that takes one-third of a $300m equity raise, upsized from the tanker owner's initial $250m effort.
Since then, shares for both Emanuele Lauro- and Robert Bugbee-led companies have fallen considerably amid heavy criticism and continue to stay down through mid-afternoon.
