The Saverys family’s Compagnie Maritime Belge has secured 92% control of CMB.Tech, formerly known as Euronav, in a rerun of bidding for shares in the shipowner.
Alexander Saverys, chief executive of both companies, couched the result of the tender as an opportunity to move forward after a mergers-and-acquisitions deal that was challenged in court.
“We can finally turn the page on the tender offer for the shares of our company,” he said.
“The fact that very few shareholders tendered their shares is a vote of confidence for the strategy of CMB.TECH.”
The Saverys family’s private CMB said 1.58m shares in CMB.Tech were tendered, giving it nearly 179m shares. Including treasury stock and positions of affiliated investors, the Belgian company effectively holds 205m CMB.Tech shares.
After striking a deal with Frontline for the John Fredriksen-backed company’s 26% stake in Euronav in late 2023, CMB then went for the rest of the company and sold to Euronav its CMB.Tech subsidiary. Euronav was then rebranded CMB.Tech in a bid to reposition the New York- and Brussels-listed company as a diversified owner of hydrogen- and ammonia-fuelled tonnage.
Belgium’s Financial Markets and Services Authorities then ordered a rerun of the tender for the remaining shares and ordered it to pay more to investors who tendered their shares in March.
Despite controlling the vast majority of the CMB-Tech’s shares, Saverys said the company intends to remain public.
“We want to remain listed and will continue to grow our diversified and future-proof maritime group,” he said. “It’s full speed ahead to decarbonise today to navigate tomorrow!”
