Tanker shipping company battle gets worse: ‘CMB wreaks havoc on Euronav’ | Economie

The planned takeover of Euronav by Norwegian Frontline fell through after Euronav’s original founder, the Antwerp Saverys family opposed it, thus rebuilding a 25 percent stake in the company. Frontline CEO John Frederiksen also bought a 25 percent stake.

On March 23, shareholders must vote on the future of the company. The Saverys want to replace the entire board of directors, diversify the company and preserve the environment in the long term. The current board of directors wants to maintain its course as a tanker shipping company and calls for “evolution, not revolution.”

On February 15, CMB, a subsidiary of the Saverys family, did indeed address shareholders during a conference call. On Monday, the current management at Euronav did the same. It became a clear rejection of CMB’s plans.

According to CEO Hugo De Staub, who would become CEO of the combined company, the family made “havoc” by thwarting the “wonderful deal”. They also seemed to “destroy value”. Earlier, the board of directors of Euronav had already questioned the independence of three independent directors that CMB wants to appoint to Euronav. The Euronav Summit invites shareholders to vote against independent board members and to retain the current board.

But no matter how dirty the battle gets, De Stoop seems to understand that the sides will need each other. He hopes the shareholders will bring the three parties – CMB, the current directors and Frederiksen – together on an expanded board. “Constructive dialogue is possible in the boardroom. I know all the nominated directors and I am sure that there will be a positive dynamic and that differences of opinion can be overcome,” he said.