The Saverys family wants to replace the entire supervisory board of tanker owner Euronav following the failed merger with John Fredriksen’s Frontline.
Belgium’s Euronav said it had received a letter on 16 January from the family’s shipping company CMB asking for a special general meeting of shareholders as soon as possible.
The letter was signed by CMB chief executive Alexander Saverys and CFO Ludovic Saverys.
CMB had said in the wake of the merger collapse that it would seek to address the running of Euronav and its future strategy.
There was no mention of a change of management as yet, with the position of chief executive Hugo De Stoop under question.
The current Euronav chair is Grace Reksten Skaugen, with the other directors being Anne-Helene Monsellato, Steven Smith, Anita Odedra and Carl Trowell.
CMB’s proposed directors include clan patriarch Marc Saverys, who has been chairman of Euronav from 2003 to 2014.
Patrick De Brabandere has also been nominated. He is another CMB man, serving as a director at both the main company and clean shipping unit CMB.Tech.
These two are described as non-independent.
CMB also wants Jan De Nul Dredging CEO Julie De Nul as a director.
The fourth director nominee is Catharina Scheers, the owner and managing director of logistics company Fast Lines Belgium, and the final candidate is Patrick Molis, chairman of Compagnie Nationale de Navigation.
Failed bid last year
CMB failed in a bid to have three of its nominees voted on to the board back in May as it sought to thwart the Frontline combination.
Belgian law states that a company must comply within three weeks to the request of a shareholder having more than 10% of the company.
“The Euronav supervisory board will now analyse CMB’s proposals in accordance with applicable laws and regulations and will update the market in due course,” the company said.
One important question is which way Fredriksen will vote.
A filing revealed on Monday showed how the tycoon had spent
$74m on increasing his combined stake to 20%, with the Saverys family on 25%.
