Frontline's Fredriksen appointed to Euronav supervisory board (updated)

Frontline

23/03/2023 15:03

(Adds share move, details)
       March 23 (Reuters) - Belgian oil tanker and storage
operator Euronav  EUAV.BR  said on Thursday its shareholders had
elected John Fredriksen from Frontline  FRO.OL , a major
investor that pulled out of a merger deal with Euronav this
year, to its supervisory board.
    Euronav said shareholders had also approved the nomination
to the supervisory board of Marc Saverys from CMB, the Belgian
group's largest shareholder, which opposed the Frontline merger
that would have created the world's largest publicly listed
tanker company.
    The vote on the composition of the group's supervisory board
is key to defining its future strategy.
    The Frontline and Euronav merger deal was terminated in
January.
    "I welcome the new directors and look forward to working
with the enlarged Board to pursue our strategy of profitable
growth and value-creation in the interest of all stakeholders,"
Euronav Supervisory Board Chairwoman Grace Reksten Skaugen said
in a statement.
    Shareholders also approved the appointments Cato H. Stonex,
representing Frontline-aligned Famatown and Patrick De
Brabandere, representing CMB.
    Norwegian-born billionaire investor Fredriksen was elected
with 99.75% of votes at the meeting. 
    CMB and Fredriksen, which have built their Euronav stakes
over the last year, get two board members each.  
    The new supervisory board will consist of seven members:
three representatives from the former Euronav board, two
representatives from CMB, and two representatives of Famatown,
including Fredriksen.
    Famatown belongs to Fredriksen who also is the biggest
shareholder in Frontline.
    Euronav's shares were up 2.9% at 14.57 GMT

 (Reporting by Diana Mandiá
Editing by Mark Potter and Jane Merriman)
 ((diana.mandiaalavarez@thomsonreuters.com))