Euronav’s shareholder Compagnie Maritime Belge NV (CMB) is asking for the dismissal of all five members of the tanker giant’s Supervisory Board following the failed merger with Frontline.
The company has issued a request to Euronav requesting for a special general meeting of the Supervisory Board as soon as possible.
The agenda of the meeting is the proposed dismissal of board members which will be subjected to a vote as well as the proposed appointment of new members, including Mr. Marc Saverys as a non-independent member until the ordinary general meeting scheduled for 2026.
Mr. Saverys held various managing positions at CMB Group, Bocimar and Exmar, and served as Chair and Vice-Chair of Euronav’s Board from 2003-2015.
The Saverys family helped set up Euronav in 1995 when a joint venture under the name of Euronav Luxembourg SA was formed between Compagnie Nationale de Navigation (CNN) and CMB to consolidate all the tanker activities of CNN. Euronav is today the world’s largest independent quoted tanker company engaged in the ocean transportation and storage of crude oil.
The Belgian shipowner started buying off shares in Euronav following John Fredriksen’s stake increase in the tanker giant in 2022 bringing its stake to 25 percent. CMB has been a strong opponent of Fredriksen’s merger plans describing the fleet combination as detrimental to Euronav.
The company attempted to block the $4.2 billion merger, however, Euronav’s management was attempting to power through despite the opposition.
The blockage from CMB is believed to be among the reasons behind Frontline’s abrupt termination of the deal. Nevertheless, clear reasons behind the sudden decision were not disclosed.
The tie-up cancelation has stirred up real drama in the tanker shipping market as Euronav threatened to take legal action against Frontline due to an unfounded termination decision.
The latest turn of events comes on the back of Frontline’s acquisition of additional shares in Euronav pushing its tally to 20.31% of the shares outstanding.