Euronav shareholders give go-ahead for sale of 24 vessels
On Tuesday, the shareholders of the Antwerp-based shipping company Euronav approved the sale of 24 oil tankers to Frontline for a total value of 2.35 billion euros.
The sale is part of the agreement reached in early October between Compagnie Maritime Belge (CMB) and the Norwegian company Frontline, the two main shareholders of the Antwerp-based shipping company.
Under the terms of the agreement, Norwegian John Frederiksen will sell his stake in Euronav to shareholder CMB, which is owned by the Belgian shipping family Saverys. At the same time, it has been agreed that Frontline's CEO will buy 24 supertankers from the Antwerp-based company, representing around a third of the total fleet. The total value of the vessels is 2.35 billion euros. CMB is putting just over 1 billion dollars on the table to buy the Norwegian company's shares in Euronav.
The company intends to remain listed. The deal, announced on 9 October, appears to end a turbulent period at Euronav, which began with the announcement last year of a merger between Euronav and Frontline. The merger would have created the world's largest oil tanker shipping company. However, the Saverys family opposed the merger and continued to increase its stake in Euronav in an attempt to block the deal.
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