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CMB controls 88.61% of Euronav as shareholders cash out $1.2bn

Euronav Euronav Cap Philippe
After overcoming attempts to block its mandatory takeover bid in the US and Europe, CMB has closed the deal and now controls 88.61% of Euronav’s shares.

The bid closed on March 15 with 31.47% of the outstanding shares in Euronav tendered into it, 23.6m shares in the US offer and 45.7m in Belgium.

Euronav investor FourWorld Capital Management attempted to block the bid in both jurisdictions, claiming misrepresentation in the offering materials used by CMB. The US District Court for the Southern District of New York denied a motion for a preliminary injunction over the matter, and the Market Court in Belgium denied a request to suspend closing of the Belgian offer.

The offer closed as scheduled on March 15.

CMB said it now holds 177,147,299 shares in Euronav or 80.51% of the issued shares, with a further 17,790,716 treasury shares held by Euronav and 24,400 shares held by Saverco NV. Combined, CMB now controls 88.61% of the company’s shares.

The CMB offer of $17.86 per share is the result of a deal struck last year to break a stalemate between Euronav and Frontline over the future of Euronav after a long and public shareholder dispute. Frontline purchased 24 VLCCs from Euronav under the arrangement, and CMB acquired a 26.12% stake in Euronav.

CMB’s plan is to turn Euronav into a environmentally-focused shipping company with efficient, low-emissions vessels. CMB.TECH and its 106 vessels have already been placed within Euronav, which is set to be rebranded as CMB.TECH imminently.

“The intention of [CMB] is for Euronav to become the main entity within the CMB Group for low carbon marine and industrial applications and will focus on growing the future-proof fleet of the CMB Group,” the mandatory offer prospectus said.