CMB delists as Saverys completes share buyback plan
Compagnie Maritime Belge (CMB), the Belgian bulker firm controlled by the Saverys family, was formally delisted from the Euronext Brussels exchange yesterday. Saverco, the family vehicle designed to take the shipping line private, completed its squeeze-out of the voluntary public takeover bid on Monday, allowing the delisting to take place.
“Through the privatisation of the company, CMB will be able to compete in a more efficient way with competitors from Asia and the United States by focusing on the consolidation and specialisation of the shipping segments in which the company is active. The delisting will also give CMB more flexibility in accessing alternative financing instruments,” chairman Marc Saverys said in early September.