CMB launches Euronav takeover bid

Belgian shipping major Compagnie Maritime Belge (CMB) has launched its mandatory public takeover bid on all shares in Euronav that are not already directly or indirectly owned by CMB or its affiliates.

The move comes after CMB, Euronav’s biggest shareholder, struck a deal with Frontline in October 2023 that ended the deadlock in the Belgian tanker shipping company.

Specifically, CMB has become Euronav’s majority shareholder with 49.05% ownership of the company’s issued shares, translating to a commanding 53% of voting rights, and a planned mandatory takeover bid.

Frontline, on the other hand, sold its shares and left with a chunk of Euronav’s VLCC fleet.

Commenting on the process CMB said that the Belgian Financial Services and Markets Authority approved the bid which will open on February 14, 2024.

During the acceptance period, shareholders may choose to either tender their shares to the bidder or to remain invested in target. The bid price amounts to $17.86 per share in cash, i.e. $18.43 per share.

Despite the acquisition, CMB intends to maintain Euronav’s listing on Euronext Brussels and the New York Stock Exchange.

Meanwhile, Euronav has secured approval for the $1.150 bln acquisition of 100% of shares in cleantech maritime group CMB.TECH, CMB’s subsidiary.

Euronav plans to propose a change in its corporate name to CMB.TECH, reflecting the company’s strong focus on decarbonization.

Ammonia and hydrogen are expected to play a central role in that transformation, as disclosed earlier by CMB.