Funds managed by FourWorld Capital Management have filed a claim with the Enterprise Court in Belgium seeking to declare null and void all decisions made by the Euronav supervisory board and general meetings in relation to the deal struck late in 2023 to break the deadlock between Euornav and Frontline.
The filing seeks to make the transactions themselves null and void.
According to a release from Euronav, FourWorld has summoned all the related parties to those transactions, including Euronav, CMB, Frontline, Famatown Finance Limited, Hemen Holding Limited and Geveran Trading Co. Limited.
“Euronav finds the claim to be without merit and intends to vigorously defend against it,” the company said.
The latest filing follows unsuccessful attempts by FourWorld to block CMB’s mandatory takeover bid for Euronav in both the US and Belgium earlier this year. 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 mandatory takeover bid was the final step in a deal agreed late last year when Frontline and Euronav were at loggerheads over Euronav’s future. Frontline acquired 24 VLCCs from Euronav and CMB acquired Frontline’s shares in Euronav, taking it over a threshold that triggers a mandatory takeover bid for the rest of the company’s shares.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.
Add Seatrade Maritime News to your Google News feed.  |
![Stolt Tankers newbuildings artist impression[90].jpg](https://www.seatrade-maritime.com/sites/seatrade-maritime.com/files/styles/article_related_thumb_standard/public/Stolt%20Tankers%20newbuildings%20artist%20impression90.jpg?itok=mdjrOTha){kind=small}