Compagnie Maritime Belge (CMB), the shipping line run by the Saverys family, has sent tanker firm Euronav a letter requesting the supervisory board convenes a general meeting with the aim of replacing the entire existing board, all of whom voted in favour of merging with Frontline, a deal that has recently gone sour.
CMB has picked the company’s top man, Marc Saverys, as well as another CMB director Patrick De Brabandere as its picks to the board. In addition, CMB has selected well known shipping executives Julie De Nul, Catharina Scheers and Patrick Molis to be appointed.
If a shareholder holds more than 10% of the shares, such as CMB, Euronav must send an invitation to a shareholders’ meeting within three weeks of receiving such a request.
A report published by Kepler Cheuvreux this morning argued that CMB will receive “limited” support from shareholders, however the board proposal will create “noise and some uncertainty”.
The Saverys family and John Fredriksen have been in a shareholder battle for the past year for control of Euronav, with both parties spending hundreds of millions of dollars to take charge of one of the most famous names in the tanker industry.
