New York investor FourWorld Capital Management has launched a second, more far-reaching legal bid to unwind the deals that took place to end the shareholder impasse at Euronav.

The fund failed in the US and Belgian courts last month to halt the Saverys family’s mandatory offer for the US and Brussels-listed tanker company’s stock following the buy-out of tycoon John Fredriksen’s stake last year.

Saverys family tightens Euronav grip as fresh deals push buyback total to $123m
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Now Euronav says it has been told that FourWorld has filed another claim in the Enterprise Court of Antwerp.

The fund wants the results of the mandatory offer and the merger of Euronav with the Savery family’s green shipping company CMB.Tech declared null and avoid.

FourWorld had previously just gone after the family’s private Compagnie Maritime Belge (CMB).

Now it has summoned Fredriksen’s private companies Famatown Finance, Hemen Holding and Geveran Trading, as well as CMB, Euronav and Fredriksen’s publicly listed tanker company, Frontline.

“Euronav finds the claim to be without merit and intends to vigorously defend against it,” the shipowner said.

CMB and the Fredriksen companies have not commented.

FourWorld’s previous legal action took place in US District Court for the Southern District of New York and the Market Court in Belgium.

In March, these courts denied all the fund’s requests to halt the mandatory offer.

‘Special benefits’ questioned

CMB’s lawyer, Michael Keats of Fried Frank, claimed that FourWorld stated in the European proceedings that it intended to use confidential and proprietary documents produced by CMB in the US action.

Euronav said the complaint sought mainly for CMB to adjust the bid price, taking into account alleged special benefits that would have been granted to Frontline on top of the cash purchase price paid by CMB for Frontline’s shares in Euronav.

FourWorld has not commented.

The Saverys family has since built its holding in Euronav to more than 90%.

Since the offer was launched in February, FourWorld has increased its own stake in Euronav from just under 1% to 2.41% by acquiring at least 3.13m shares for $55.8m.