Euronav NV takes note of recent press speculation about a possible transaction involving two of Euronav’s largest shareholders, Frontline plc (“Frontline”) and CMB NV (“CMB”) leading to volatility of the Euronav share price and suspension of the Euronav shares on Euronext Brussels.

Euronav confirms that Frontline and CMB NV, are in discussions on an integrated solution to the strategic and structural deadlock in Euronav.

The potential transaction comprises the following interdependent elements:

CMB would acquire Frontline’s 26.12% stake in the Company for $18.43 per share (the “Share Sale”), to be followed by a public mandatory offer at same price.

Frontline would acquire 24 VLCC tankers from the Euronav fleet for $2.35 billion, subject to completion of the above-mentioned share purchase and to approval by shareholders voting at a Special General Meeting. This option requires the application of the related party procedure under Belgian law.

The Company’s pending arbitration action against Frontline and affiliates would be terminated conditional to the Share Sale.

The discussions between the parties are well advanced. However, there can be no certainty that these discussions will lead to an agreement. The aforementioned is in any case subject to all necessary internal approvals of the involved parties. If the negotiations would result in a formal agreement, such agreement will be subject to customary competition clearance procedures and any required approval procedures with the financial market authorities in Belgium and the U.S.

Euronav will inform the market of future developments in accordance with applicable laws and regulations.
Source: Euronav