Alexander Saverys’s keenness to put a shareholder dispute behind him, and press ahead with fleet renewal plans at CMB.TECH, formerly Euronav, still faces hurdles, with one especially irate investor group going so far as to create a website detailing its legal tussles.
Euronav Scuttled is the web creation of FourWorld Capital Management, a Securities and Exchange Commission-registered investment adviser with offices in New York and Munich. FourWorld has been involved in a dispute with Saverys’s Compagnie Maritime Belge (CMB) and John Fredriksen-controlled Frontline over the takeover of Euronav with the investor insisting it can still unwind the mega tanker deal.
CMB announced on Friday that it managed to win just over 92% of the shares of CMB.TECH in a second tender to take control of the company. The second tender was required following a September court verdict involving FourWorld.
Euronav changed names to CMB.TECH on October 1 after a protracted takeover saga between the Saverys family and John Fredriksen.
Saverys, the CEO of CMB.TECH, said on Friday: “We can finally turn the page on the tender offer for the shares of our company.”
However, a second court case is underway before the Antwerp Enterprise Court in which FourWorld is seeking to unwind CMB’s mandatory takeover, Euronav’s $2.35bn fleet sale to Frontline and Euronav’s decision to renounce and settle its arbitration claim against Frontline.
“CMB considers these claims to be without merit and is vigorously contesting them,” the Belgian shipping firm stated in a release.
