Euronav shareholders will vote on Compagnie Maritime Belge’s plan to combine the tanker owner with its clean-tech arm next month.
The Belgian shipowner filed a notice on Monday that it would be holding a shareholder meeting on 7 February to approve the $1.15bn merger while replacing the Euronav supervisory board.
Should the merger be approved — the Saverys family owns just over 49% of the company and Euronav itself controls roughly 8% as of 23 December — the combined company will take the CMB.Tech name, with Euronav remaining as the tanker-owning division.
CMB.Tech describes itself as a player in both hydrogen and ammonia propulsion and production.
The intention to combine the two was announced last month following a protracted battle with Norwegian tycoon John Fredriksen, who sought to acquire Euronav and combine it with his tanker-owning vehicle, Frontline.
The Saverys family, however, wanted to transition Euronav away from traditional tanker ownership into an energy transition-focused outfit.
The dispute ended with Euronav selling 24 of its most modern VLCCs to Frontline for $2.35bn in exchange for Frontline’s 26.1% stake in Euronav for $18.43 per share.
Since then, Euronav has ordered three new VLCCs and two suezmaxes.
At the meeting, shareholders will be asked to approve the acquisition of all of CMB.Tech shares, while accepting the resignation of current Euronav supervisory board members Grace Skaugen, Ole Bjorge, Cato Stonex and John Fredriksen.
Votes will also be taken to add Patrick Molis, Catharina Scheers and Bjarte Boe to the supervisory board.
Patrick De Brabandere will remain on the supervisory board, with shareholders asked to approve his resignation on a personal basis while reappointing him to the board as Debemar’s permanent representative.
