Tanker

Saverys close to preventing full merger after increase of Euronav stake

Belgian shipping family Saverys acquires additional shares in Euronav and now only needs a small increase of its equity position to block a full merger between the tanker operator and rivaling company Frontline.
Alexander Saverys, CEO of shipping company CMB and opponent of the Frontline-Euronav merger. | Photo: Pr / Cmb
Alexander Saverys, CEO of shipping company CMB and opponent of the Frontline-Euronav merger. | Photo: Pr / Cmb
by DAG HOLMSTAD

The Saverys family has bought additional shares in crude oil tanker operator Euronav, which is attempting to push through a merger with Norwegian competitor Frontline, according to a notice to the US Securities and Exchange Commission.

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