US shareholder seeks to block CMB's takeover of Euronav

FourWorld, a US shareholder of the Belgian oil tanker shipping company Euronav, has filed a lawsuit in the United States against the takeover bid by Compagnie Maritime Belge (CMB).

The lawsuit was filed in a US District Court by FourWorld Capital Management, which now holds a 2.41 per cent stake in Euronav. FourWorld alleges that CMB provided "materially false and misleading offering materials" regarding its bid for Euronav.

With the lawsuit, the shareholder seeks to halt the US portion of the bid for Euronav, which is listed in both Brussels and New York, and to seek damages, according to a press release issued by Euronav and CMB on Tuesday.

CMB considers the lawsuit to be "without merit" and intends to defend itself, the company said, adding that the terms of its offer had been approved by a large majority of shareholders. 

CMB's takeover bid is legally mandatory because its reference shareholder, the Saverys shipping family, owns more than half of all Euronav shares. In reality, however, shareholders would prefer to keep their shares and support CEO Alexander Saverys' strategy of fleet diversification. The offer closes on 15 March.



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