Euronav second shareholder Compagnie Maritime Belge (CMB) is offering to acquire Frontline's 26.12% stake in the company for $18.43 per share, which will be followed by a mandatory public offer at the same price, the Belgian oil tanker and storage operator said on Thursday.
Shares of Euronav, which were suspended earlier in the day after spiking on media reports about the company going private, jumped around 18% as trading reopened at 1330 GMT.
The completion of the deal would end the arbitration action started by Euronav against its peer Frontline, of which Norwegian-born shipping tycoon John Fredriksen is the majority shareholder, in response to the latter's decision in January to scrap a $4.2 billion planned merger between both companies.
The merger would have created the world's largest publicly listed tanker company.
Euronav second …
2023/10/06 11:08
Euronav second shareholder Compagnie Maritime Belge (CMB) is offering to acquire Frontline's 26.12% stake in the company for $18.43 per share, which will be followed by a mandatory public offer at the same price, the Belgian oil tanker and storage operator said on Thursday.
Shares of Euronav, which were suspended earlier in the day after spiking on media reports about the company going private, jumped around 18% as trading reopened at 1330 GMT.
The completion of the deal would end the arbitration action started by Euronav against its peer Frontline, of which Norwegian-born shipping tycoon John Fredriksen is the majority shareholder, in response to the latter's decision in January to scrap a $4.2 billion planned merger between both companies.
The merger would have created the world's largest publicly listed tanker company.