Euronav’s plans to merge with its Norwegian sector competitor Frontline have not gone down well with the largest shareholder of the Belgian oil tanker shipping company. The Saverys founding family prefers a strategy of greening, she says in a press release.
The merger would make Euronav and Frontline a global leader in the oil tanker industry, it said yesterday. Euronav CEO Hugo De Stoop would become CEO of the merged company.
Frontline’s largest shareholder, shipping magnate John Frederiksen, had already built up a stake in Euronav. But the largest shareholder is the Belgian shipping company CMB, which is owned by the Antwerp shipping family Savereys.
And so the founding family opposes the plans. “CMB questions Euronav’s current strategy, which focuses solely on the transportation of crude oil in a world in need of rapid reduction of greenhouse gases,” it reads in a press release.
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