Euronav set to acquire CMB.TECH

The Saverys family is continuing with the reshaping of Euronav (NYSE:EURN) following the deal that saw 24 of the company’s VLCCs being transferred to John Fredriksen’s Frontline, resolving a long-running merger battle, Euronav, whose controlling shareholder is now the Saverys family controlled CMB NV, on Friday, reached an agreement to acquire CMB’s clean tech division, CMB.TECH NV, for $1.15 billion in cash. The purchase price will be financed from the cash proceeds of the sale of the 24...

Is the battle for Euronav nearing an end?

The Saverys family and John Fredriksen look to be nearing a resolution to their long running battle for control of the world’s largest NYSE-listed oil tanker operator, Euronav NV (NYSE: EURN).

Both Euronav and John Fredriksen-controlled Frontline today released statements confirming that Frontline and the Saverys family’s CMB NV are in discussions on an integrated solution to the strategic and structural deadlock in Euronav.

The potential transaction has the following interdependent elements:

  • CMB...

Seaways adopts a poison pill defense

As the Saverys family continues to contest a merger of Euronav into Frontline, billionaire shipping investor John Fredriksen has taken a significant stake in another tanker giant, New York City headquartered International Seaways (NYSE: INSW). A May 4 filing with the SEC by Frediksen-associated Famatatown Finance, showed that following its most recent purchases, it owned 8,166,856 shares in Seaways, valued at $169.3 million.

Commentators are divided on whether Fredriksen is looking for an...

Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.