Euronav says shareholders CMB and Frontline reach deal on acquisition

(Reuters) – Belgium’s Euronav on Monday said that its two major shareholders CMB and Frontline have reached a deal which would see CMB take control of the oil transport and storage company. CMB will buy Frontline’s 26.12% stake in Euronav for $18.43 per share, after which it will own it, while Frontline will buy 24 VLCC tankers from Euronav’s fleet for $2.35 billion. CMB will own 49.05% of Euronav’s issued shares and 53% of its voting rights and will launch a takeover for all outstanding shares.Euronav added it would terminate its pending arbitration action against Frontline and its affiliates.

(This story has been refiled to add the missing word “it” to specify CMB will own Euronav, in paragraph 2)

(Reporting by Olivier Sorgho)