CMB to acquire a 26.12% stake in Euronav from Frontline for $1.06bn.

CMB, one of the oldest Antwerp ship-owners, agreed to acquire a 26.12% stake in Euronav, a worldwide crude oil tanker company, from Frontline, a provider of seaborne transportation of crude oil and refined products, for $1.06bn. “After many months of uncertainty, the transaction announced today leverages the value that Euronav and its people have created through many years of hard work. It represents a balanced outcome for shareholders, who now have the choice between realising that value in cash or following Euronav in a new strategic direction under a new controlling shareholder,” Lieve Logghe, Euronav CFO and interim CEO.