Shareholders Sell 1.5M More Shares in Revised CMB.TECH (Euronav) Tender
The revised tender period related to the offer to acquire EURONAV (now known as CMB.TECH) closed yesterday, November 21 with the company reporting investors sold another nearly 1.6 million shares to CMB. It brings to a close the contentious acquisition of the former EURONAV which had been challenged by activist shareholders.
“We can finally turn the page on the tender offer for the shares of our company. The fact that very few shareholders tendered their shares is a vote of confidence for the strategy of CMB.TECH. We want to remain listed and will continue to grow our diversified and future-proof maritime group. It’s full speed ahead to decarbonize today to navigate tomorrow!” said Alexander Saverys, CEO of CMB.TECH.
Famously, he had been critical of the investment community and what he saw as its shortsightedness during the battle for control of EURONAV. The Saverys family stood in opposition to John Fredriksen and his tanker company Frontline when they attempted to merge to form the largest traditional tanker operator. They ended deadlocked and negotiated a settlement for Frontline to acquire tankers from EURONAV while CMB acquired EURONAV and later merged it with CMB.TECH as they pursue a vision of industry decarbonization and transition to future fuels including ammonia and hydrogen.
The Belgian Financial Services and Markets Authority (FSMA) however in October ordered CMB to reopen the tender and to increase the price paid to EURONAV shareholders. They judged that EURONAV had received special consideration in the valuation of the tankers and the price paid for its stock.
CMB reports during the acceptance period, a further 1,579,159 shares of CMB.TECH were tendered into the bid. As a result, the family’s entities now own a total of 178,726,458 shares in CMB.TECH. Considering the 25,807,878 treasury shares held by CMB.TECH and the 24,400 shares held by Saverco, the combined position now represents 204,558,736 shares or 92 percent of the voting rights in CMB.TECH.
EURONAV was transitioned to become the operating brand of the tanker company alongside CMB.TECH’s other holdings including bulkers, containerships, and offshore wind support vessels. Alexander Saverys mapped a strategy where the traditional fossil fuel business will help to fund the transition as the company moves forward to expand alternative energy. It has ordered ammonia-fueled ocean-going vessels while having already deployed the first hydrogen-fueled crew transfer vessel being used to support the offshore wind sector. They have announced plans to continue to expand the hydrogen-fueled fleet focusing on near-shore operations while they view ammonia as the likely primary duel for long-distance operations.