Announced
Financials
Sources
Tags
Minority
Public
Friendly
Marine Transportation
Acquisition
Cross Border
Single Bidder
Belgium
tanker services
Pending
Synopsis
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.
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