Written by
Nick Blenkey
Picture: Euronav
The Saverys household and John Fredriksen look to be nearing a decision to their lengthy working battle for management of the world’s largest NYSE-listed oil tanker operator, Euronav NV (NYSE: EURN).
Each Euronav and John Fredriksen-controlled Frontline right now launched statements confirming that Frontline and the Saverys household’s CMB NV are in discussions on an built-in answer to the strategic and structural impasse in Euronav.
The potential transaction has the next interdependent components:
- CMB would purchase the 26.12% stake in Euronav held by Frontline and Fredriksen-afilliated Famatown for $18.43 per share to be adopted by a public necessary supply at identical value.
- Frontline would purchase 24 VLCC tankers from the Euronav fleet for $2.35 billion, topic to completion of the above-mentioned share buy and to approval by shareholders voting at a Particular Common Assembly. This selection requires the applying of the associated celebration process below Belgian legislation.
- Euronav’s pending arbitration motion in opposition to Frontline and associates can be terminated, conditional on the share sale.
Each events say that discussions are nicely superior, that there could be no certainty that they may result in an settlement and that any settlement can be topic to a spread of approvals and clearances.
Shares in Euronav rose to $17.29 (a 17.6% achieve) when buying and selling on the New York Inventory Alternate closed.
This battle for Euronav all began again on April 7, 2022 when it then appeared a tanker mega merger was within the works. The subsequent day, the Saverys household expressed their displeasure.
What was that line about operas and fats girls singing?
