Shipping investor and major shareholder John Fredriksen has obtained a seat on the board of Belgian tanker carrier Euronav.

That is the outcome of an extraordinary general meeting held in Antwerp on Thursday afternoon.

Fredriksen has tried to merge his own tanker operator Frontline with Euronav but has been met with fierce resistance from major shareholder CMB, which is controlled by the Saverys family.

As part of the feud, the family has proposed to replace the entire board of the carrier, while Fredriksen has proposed himself and Cato H. Stonex for election.

The result of Thursday’s voting is a sort of compromise where both fractions get seats on the board.

Two of the Saverys family’s candidates have been elected, namely Marc Saverys and Patrick De Brabandere, while John Fredriksen and Cato H. Stonex represent Fredriksen’s investment company Famatown.

The three remaining independent board members are Grace Reksten Skaugen, Anita Odedra and Carl Trowell.

This means that Anne-Hélène Monsellato and Steven Smith step down from the board of directors as proposed by the Saverys.

The family’s opposition to a merger is based on a view that the Belgian carrier ought to pursue a more sustainable direction, whereas the management and old board want to merge with Frontline and maintain a focus on oil.

English edit: Kristoffer Grønbæk