The Saverys Shipping family was unsuccessful in their proposal to form the Board of Directors at the general meeting of Euronav in Antwerp, Belgium. But that doesn’t mean the battle for control of the company and the planned merger with John Fredriksen’s Frontline is over.
Earlier this week, Saverys and CMB – Compagnie Maritime Belge – announced a 19.6 per cent stake in Euronav. But here John Frederiksen would be no worse:
Frontline has agreed to buy just over 5.95 million shares in Euronav, equivalent to 2.95 percent of the shares outstanding. These are the first shares that Front Line owns in the company.
The shares were bought in private negotiations with “certain shareholders” in Euronav. In return, shareholders receive frontline shares, at an exchange rate of 1.4 frontline shares per share. Euronav’s work.
It works according to the structure of the agreement
John Fredriksen owns just over 12 percent of Euronav through his own companies. If you include Frontline’s ownership share, the ownership share will be just under 15 percent.
On April 7 of this year, it became known that Front Line and Euronav are planning to merge the two tank companies.
Frontline and Euronav are now working on an appropriate agreement structure and completion of the due diligence process.
“This may include Frontline’s voluntary exchange offer of Euronav stock as a first step, and Frontline will then consider setting a minimum acceptance limit of 50.1 percent, including shares already owned by Frontline.”
Frontline otherwise wrote that the two companies had identified significant operational and management synergies, many of which could be addressed in parallel with the steps toward full merger.
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”
War in Ukraine and Russia | Calling for a boycott of Freya – here the shelves of chocolates have been cleared
Food prices, kiwi | The price of blood for food: – Raymond, you have to put things in order!
Practical life, practical life | Fierce competition for summer jobs – Natalie, 18, was one of the lucky ones