An emergency arbitrator in Belgium yesterday dismissed Euronav’s request to intervene in John Fredriksen-controlled Frontline’s decision last month to terminate a combination agreement that had been agreed upon by both boards last July.
“Euronav continues to believe that Frontline’s unilateral action in pursuing the termination of the combination agreement has no basis under the terms of the combination agreement and that Frontline failed to provide a satisfactory justification for its decision to pursue termination,” the Antwerp-based tanker firm stated in a release yesterday, adding that further legal measures were being contemplated.
Euronav is under pressure by lead shareholder, Compagnie Maritime Belge (CMB), to change its supervisory board. It revealed yesterday that it had proposed to CMB and Famatown Finance, a Fredriksen finance vehicle, that they each send two new members to the board, something CMB has dismissed and Famatown has yet to respond to.
