Founding family opposes Euronav merger plan
Euronav's plans to merge with its Norwegian counterpart Frontline are not well received by the Belgian crude oil tanker company's largest shareholder. The founding family Saverys prefers a greening strategy, it says in a press release.
The merger would make Euronav and Frontline a global leader in the oil tanker industry, the company announced on Thursday. Euronav-CEO Hugo De Stoop would become CEO of the merged company.
Frontline's largest shareholder, shipping magnate John Frederiksen, had already built up a stake in Euronav. But the largest Euronav shareholder is the Belgian shipping company CMB, which is owned by the Savereys family of Antwerp shipowners.
The founding family opposes the merger plans.
"CMB questions Euronav's current strategy, which focuses solely on the transport of crude oil in a world in need of a rapid reduction in greenhouse gases," a press release reads.
CMB wants to convince shareholders to change course. "The strategy CMB proposes is to gradually diversify Euronav's fleet away from crude oil transport and to focus on greening and decarbonising shipping and heavy industry. The exclusive focus on fossil fuels and the geopolitical risks associated with it may even jeopardise the future of the company."
(KOR)
Picture on board the Cap Quebec in 2018, a Euronav tanker in the port of Antwerp © BELGA PHOTO DIRK WAEM