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CMB to de-list on Brussels exchange after Saverco takeover

CMB to de-list on Brussels exchange after Saverco takeover
Main shareholder Marc Saverys has acquired a 95.77% stake in bulk carrier operator Compagnie Maritime Belge (CMB) in order to de-list it from the Euronext Brussels exchange.

Through his family-run investment firm Saverco, Saverys acquired the 95% stake necessary to privatise CMB, owner of bulk carrier company Bocimar and container line Delphis, and the company will now be delisted in Brussels next month.

Saverco initially offered EUR16.20 ($17.17) per share for the 50% stake in CMB that it did not already own in September, a premium of 20.45%, despite CMB’s $55.9m losses recorded throughout the first half of the year. 

Saverys initiated the move after its chairman called CMB’s public listing and its limited liquidity “a handicap for the further development and long term strategy of the company in rapidly changing shipping markets” in September.

“Through the privatisation of the company, CMB will be able to compete in a more efficient way with competitors from Asia and the US 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,” Saverys said.