Tanker giants Euronav and Frontline go their separate ways


Following shareholder approval earlier this week, Euronav has announced the sale to CMB NV of all its shares held formerly by Frontline plc and Famatown Finance, while in return Frontline acquires 24 VLCCS from Euronav.

In this way CMB regains control of Euronav, holding 49,05% of the shares and launching a mandatory takeover offer for the rest.

A new Euronav Supervisory Board and Management Board have been appointed, with Marc Saverys chairing the former and Alexander Saverys, CEO of CMB, serving also as Euronav CEO on the latter.

Alexander Saverys said: “We are very pleased that the deal with Frontline and Famatown has become effective. It solves the strategic and structural deadlock in Euronav and allows a new board and new management team to write a new chapter for Euronav. Our immediate focus will be to continue to run the company as the best-in-class tanker platform, whilst we will at the same time engage with the new Supervisory Board on how to execute a strategy around diversification and decarbonisation.”

Marc Saverys said: “After many months of uncertainty, we can finally announce that
Euronav’s deadlock has been resolved. I would like to thank all our Euronav colleagues for
their patience and hard work. Having served from 2003 to 2015 as Chairman of the Board, I
am proud and honoured to resume my duties. We embark on a new journey for Euronav with energy, perseverance and passion.”