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Euronav family Saverys oppose merger with Frontline

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The well-known Antwerp shipping family Saverys is not pleased with the planned merger of the Belgian shipping company Euronav, of which it is a major shareholder, and its Norwegian competitor Frontline.

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Surprising turn in the recently announced merger plans between Euronav and the Norwegian Frontline. The two companies announced on Thursday morning that they want to form the largest oil tanker shipping company in the world together. ‘Our customers are getting bigger and we need to get bigger too’, explains Euronav CEO Hugo De Stoop as the reason for the merger.

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But that is not counting the Saverys family, which has made a real comeback in the capital of Euronav in recent weeks through their other shipping company CMB. In a press release, CMB says it does not support the merger.

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According to the announcement, CMB believes that a merger with Frontline will not create added value for Euronav’s stakeholders. According to the company, it is not a good idea to continue to focus on crude oil through the merger, while ‘the world just needs a rapid reduction of greenhouse gases’.

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greening

The company proposes an alternative strategy of diversifying away from crude oil transportation and focusing on ‘greening and decarbonising shipping and heavy industry’.

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Same building

There must be a somewhat icy atmosphere in the Euronav and CMB headquarters on Friday morning. The two companies, which used to be one and have always cherished a close relationship, share a building on De Gerlachekaai in Antwerp.

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At Euronav, they do not want to respond to the opposition of major shareholder CMB for the time being. The matter will first be discussed internally, it sounds.

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‘CMB would like to transform Euronav into a European maritime and industrial cleantech player with a diversified fleet’, it sounds. ‘The proceeds from Euronav’s current activities should be reinvested in green hydrogen and ammonia vessels and applications, and in new types of vessels that can carry the fuels of the future.’

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Under the impulse of CMB CEO Alexander Saverys, the family is already working on that greener path with the shipping company CMB that it controls. Saverys wants to fully focus on green hydrogen as a fuel. The company announced another major pilot project in Namibia about to.

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Comeback

Until the family decided to list the oil tanker company separately in 2004, Euronav was part of its shipping group CMB for many years. However, two years ago, Saverco, the family’s investment holding company, surprised with the news that it had significantly reduced its stake. The family wanted to profit from a price increase, it sounded then.

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At the beginning of this week it appeared that CMB, which is controlled by the Saverysen, has again built up a 13.22 percent interest in Euronav. This makes the family the largest shareholder. But one that does not like the merger plans.

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Values

In its communication, CMB also invokes this long history with Euronav. ‘Under the wings of CMB, Euronav has grown into one of the largest shipping companies in the world. The Saverys family has supported the company’s growth every step of the way in its nearly 30-year history.

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It is CMB’s ambition to bring back the spirit of entrepreneurship, family values ​​and a long-term horizon in a company that is today led by people with a different vision.

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It also does not spare the harsh words for the current Euronav management. ‘The people of Euronav share the same DNA and culture as CMB. It is CMB’s ambition to bring back the spirit of entrepreneurship, family values ​​and a long-term horizon in a company that is today led by people with a different vision.’

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CMB says it will do everything it can to convince other shareholders of this different strategy. ‘CMB will submit appropriate proposals to Euronav’s shareholders’ meeting and actively promote the dialogue between the
shareholders to achieve that goal,” the company wrote.

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