Written by
Nick Blenkey
Alexander Saverys, Euronav’s and CMB’s CEO: “We’re happy to announce one other important milestone for Euronav.”
The Saverys household is continuous with the reshaping of Euronav (NYSE:EURN) following the deal that noticed 24 of the corporate’s VLCCs being transferred to John Fredriksen’s Frontline, resolving a long-running merger battle, Euronav, whose controlling shareholder is now the Saverys household managed CMB NV, on Friday, reached an settlement to accumulate CMB’s clear tech division, CMB.TECH NV, for $1.15 billion in money. The acquisition value shall be financed from the money proceeds of the sale of the 24 VLCCs. .
Alexander Saverys, Euronav’s and CMB’s CEO, acknowledged: “After having reached an settlement
with Famatown Finance Restricted and Frontline plc on the strategic and structural impasse for
Euronav, we’re happy to announce one other important milestone for Euronav with the
permit the corporate to quickly and meaningfully execute its diversification and decarbonization technique.”
CMB.TECH is a diversified clear tech maritime group. It builds, owns, operates and designs massive marine and industrial functions that run on dual-fuel diesel-hydrogen and diesel-ammonia engines and monofuel hydrogen engines. CMB.TECH presents hydrogen and ammonia gasoline that it both produces or sources from exterior produces to its clients. It’s energetic all through the total hydrogen worth chain by way of 4 totally different divisions: Marine, Expertise & Growth, H2 infra, and Trade.
You’ll be able to learn the finer particulars of the transaction, which is topic to circumstances that embrace approval by a particular normal assembly of Euronav’s shareholders, HERE.
Euronav intends to suggest to its shareholders a change of its company identify to CMB.TECH following completion of the deal however envisages protecting the “Euronav” identify because the model identify for its tanker division.
