John Fredriksen has resumed his pursuit of International Seaways, suggesting he can help propel earnings at the US-listed company.
Fredriksen, via various of his investment vehicles, emerged as International Seaways’ largest shareholder this April, forcing top management of the New York-based tanker firm to adopt so-called poison pill tactics, as such a shareholder rights plan to fight a takeover.
Fredriksen, who is also in advanced negotiations to take over Euronav, remains convinced International Seaways could improve its value creation. A presentation has been made to certain members of the management team of International Seaways in which his company Seatankers claimed International Seaways was an “attractive platform with valuable assets” and was well positioned to capitalise on the global recovery of the product and crude oil transportation market.
The presentation noted how Euronav’s share price has leapt by 60% in the 10.5 months since Fredriksen started buying into the stock, going on to highlight the many strong stock returns of companies Fredriksen has invested in over the years as well as how subsidiaries such as Frontline have outperformed peers in terms of chartering deals.
Fredriksen has been trying without success to get two new directors elected to the International Seaways board.
“The Seatankers Group remains hopeful that we can continue to work collaboratively with the International Seaways Board of Directors to achieve this board representation and unlock shareholder value,” a release stated yesterday.