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Norwegian ‘Viking’ will not let Saverysen join Euronav

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John Fredriksen has increased his stake in Euronav to almost 11 percent. The Norwegian shipping magnate is thus responding to the Saverys family, who want the merger between Frontline and the Belgian oil tanker shipping company to fail.

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The various parties around Euronav are sharpening their knives ahead of the extraordinary general meeting to vote on the merger between Frontline and Euronav

until the largest oil tanker company in the world.

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On one side are Euronav and John Fredriksen, Frontline’s major shareholder. They want to merge the two companies. On the other side are the Saverys family, who owned Euronav before the company went its own way through an IPO. The Saverysen are against the merger and have an alternative plan ready† “Passing Euronav to the Vikings is not a good idea,” said Alexander Saverys.

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In recent weeks and months, the Belgian family of shipowners has systematically increased its stake in Euronav up to 16.5 percent† She holds 15.1 percent of the voting rights, according to a transparency notice.

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Euronav is also not in favor of the Saverysen’s alternative plan. The oil tanker company previously rejected two proposals from the family to combine its company CMB.Tech with Euronav. Each time, the tanker operator concluded that such a combination would not be in Euronav’s interest and would likely destroy shareholder value. “The two companies are very incompatible, with different financial profiles and business characteristics. A combination would likely lead to dissynergies (so no benefits, ed.) and a dramatic change in Euronav’s core business.”

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Threshold

If the Saverysen succeed in convincing shareholders for more than 25 percent of the shares, they will have a blocking minority that can thwart the merger plans. Company law stipulates that a merger requires at least three quarters of the shareholders to agree. Although that also depends on the structure of the deal.

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The candidate directors of CMB are insufficiently independent. Their appointment would weaken the board’s profile and create conflicts of interest.

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In the meantime, the shipowner’s family moved three candidate directors for Euronav forward: Bjarte Boe, Ludovic Saverys and Patrick De Brabandere. She asks that the shareholders of the oil tanker company give their opinion on their appointment.

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Ludovic Saverys was once a member of Euronav’s board of directors. De Brabandere is the former financial director of Exmar, the specialist in maritime transport and the treatment of gases for the Saverys family. He is a director at CMB and at CMB.Tech and an old faithful of the family. Boe is a Scandinavian dealmaker with a long career at the banking group SEB. Boe was on CMB.Tech’s board of directors until mid-February.

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Euronav advises shareholders to vote against the directors nominated by CMB. According to the oil tanker shipping company, they are insufficiently independent. Their appointment would weaken the board’s profile and create conflicts of interest. Those involved represent the position of a single shareholder who has publicly spoken out against the announced combination with Frontline.

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