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Marc Saverys launches bid to take CMB private

Marc Saverys launches bid to take CMB private
Marc Saverys has launched a bid to take CMB private, offering slightly over a 20% premium.

Saverys’ Saverco, which currently owns 50.8% of CMB, is offering EUR16.20 per share, a 20.45% premium to Thursday’s closing price, to take the Euronext Brussels-listed company private.

If through the takeover bid Saverco owns more than 90% of CMB’s stock it plans to delist the company.

“CMB’s public listing with its limited liquidity has become a handicap for the further development and long term strategy of the company in rapidly changing shipping markets,” explained Saverys, chairman of Saverco.

“Through the privatisation of the company, CMB will be able to compete in a more efficient way with competitors from Asia and the United States by focusing on the consolidation and specialisation of the shipping segments in which the company is active. The delisting will also give CMB more flexibility in accessing alternative financing instruments.”

ING Bank have been appointed as independent expert provide a valuation report.

Directors of CMB who are not affiliated with Saverco have unanimously decided to support and recommend the bid.