A Euronav shareholder meeting on Wednesday rubber-stamped the $1.15bn takeover of the Saverys family’s clean shipping operation, CMB.Tech.
The move, which had been expected, also approved changes to the board following last year’s deal in which major investor John Fredriksen sold his stake to the Saverys and bought 24 Euronav VLCCs for his Frontline operation.
“Euronav NV is pleased to announce the formal approval by today’s shareholders’ meeting of the envisaged purchase of 100% of the shares in CMB.Tech NV from CMB.NV,” the company said.
“All other resolutions were also approved at the special general meeting today.”
The Belgian family took a 53% stake in Euronav and are pushing ahead with plans to build a greener shipping operation and diversify from its VLCC and suezmax base.
Euronav will be renamed CMB.Tech and retain its dual listings in Brussels and New York.
The company plans to order 120 low-carbon ammonia and hydrogen-fuelled bulkers, container ships and offshore vessels for billions of dollars over the next three to five years.
- Singapore detains Euronav VLCC over port state control deficiencies
- Euronav tanker unwittingly caught up in $1bn Iran oil smuggling probe
- Clarksons gives cautious backing to Euronav’s ‘intriguing’ green shift after US analyst doubts
- Frontline sells oldest suezmax to Greek owner Moundreas amid climbing values
- ‘Very, very healthy’ big tanker asset values have room to run, says Euronav