Euronav to exit Belgium's blue-chip index two days after joining (updated)

Frontline

19/03/2024 14:12

(Adds details on CMB-Frontline deal in paragraph 5)
       March 19 (Reuters) - Tanker company Euronav  EUAV.BR 
will exit Belgium's blue-chip Bel-20 index after just two days
of trading, as it no longer meets the membership conditions
after its takeover by Compagnie Maritime Belge (CMB), bourse
operator Euronext said on Tuesday.
    CMB, owned by the Saverys family, and affiliates together
hold 88.61% of the outstanding shares in Euronav, which exceeds
the maximum allowed for the index.
    "The Bel 20 rulebook prescribes that should the acquiring
party own more than 85% of the shares, the company being
acquired will exit the index," Euronext said. 
    Belgium's Euronav announced in October that its two major
shareholders, CMB and Frontline  FRO.OL , had reached a deal
that would see the Saverys family take control of the oil tanker
company and buy its remaining shares.
    That deal between CMB and peer Frontline came after the
latter - controlled by Norwegian-born shipping tycoon John
Fredriksen - in January 2023 scrapped a $4.2 billion merger plan
with Euronav that would have created the world's largest
publicly-listed tanker company.
    Euronav, which had debuted on the index on Monday, will exit
it as of Wednesday morning, Euronext said.
    The Belgian blue-chip index will become a "Bel 19" until 21
June 2024, the date of the index's next quarterly review,
Euronext said.

 (Reporting by Diana Mandiá;
Editing by Mark Potter and Emelia Sithole-Matarise)
 ((diana.mandiaalvarez@thomsonreuters.com))