Euronav says shareholders CMB and Frontline reach deal on acquisition (updated)

Frontline

09/10/2023 09:05

(Adds detail from statement)
       Oct 9 (Reuters) - Belgium's Euronav  EUAV.BR  on Monday
said that its two major shareholders CMB and Frontline  FRO.OL 
have reached a deal which would see CMB take control of the oil
tanker company and buy its remaining shares. 
    The deal ends uncertainty over Euronav's future, after peer
Frontline - controlled by Norwegian-born shipping tycoon John
Fredriksen - in January scrapped a $4.2 billion merger plan that
would have created the world's largest publicly-listed tanker
company.
    That decision had led Euronav to launch arbitration action
against Frontline. On Monday, it said this action would be
terminated.
    Compagnie Maritime Belge (CMB) will buy Frontline's 26.12%
stake in Euronav for $18.43 per share and own 53% of voting
rights, after which it will launch a takeover for all
outstanding shares.
    Euronav's shares were up about 3% as of 0745 GMT. 
    As part of the agreement, Frontline will acquire 24 VLCC
tankers from Euronav for $2.35 billion. 
    Euronav said it expects the deal, which is pending
shareholder and anti-trust approvals, to close in the fourth
quarter. 
        
  

 (Reporting by Olivier Sorgho; Editing by Emelia
Sithole-Matarise)
 ((Olivier.Sorgho@thomsonreuters.com;))