Euronav shareholders to vote on reorganization on board after completion of merger Ship’s crew

Following the failed merger between Frontline and Euronav (NYSE: EURN & Euronext: EURN), the Belgian tanker company’s European shareholders followed the company’s recommendations in a vote that will significantly change the composition of Euronav’s board of directors.

The result follows months of tension between Euronav’s largest shareholders, Compagnie Maritime Belge (CMB), controlled by the Saverys family, and Famatown Finance Limited, controlled by Norwegian shipowner John Frederiksen.

Euronav shareholders have elected to retain former independent directors Grace Reksten Skaugen, Anita Odedra and Carl Trowell, while agreeing to a resolution proposed by CMB to replace Anne-Hélène Monsellato and Steven Smith. The Board will welcome four new directors: John Frederiksen and Cato H. Stonex representing Famatown Finance Limited and Marc Saverys and Patrick De Brabandere representing CMB.

Famatown is indirectly controlled by trusts established by Frederiksen, who increased its interest in Euronav through Famatown and affiliates to over 22% following the termination of the merger agreement. The merger would have created the world’s largest publicly traded owner and operator of oil tankers.

CMB, which is controlled by the Belgian family Saverys and has a 25% stake in Euronav, had opposed the merger of Frontline and Euronav. In January, CMB asked a general meeting to vote on resolutions aimed at replacing the entire board with its own preferred candidates.

Euronav has spent the last few months wooing shareholders to at least partially reject CMB’s resolution, criticizing it for attempting a “backdoor” takeover of control and trying to implement “a risky and self-serving strategy” which was not clearly defined.

Euronav has claimed that its recommendations for the Board of Directors would ensure adequate representation and balance based on stakeholders’ interests. With the shareholder vote now solidifying the composition of the board, Euronav aims to move forward amid the aftermath of the failed merger and the ensuing battle between its largest shareholders.

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