John Fredriksen is approaching parity with rivals, the Saverys family, in the shareholding of Euronav as the two factions battle for control of the Belgian tanker giant.
Fredriksen’s tanker firm Frontline revealed today it had bought another 3.82% stake in Euronav in an off-exchange transaction costing around $100m. The latest share purchase takes Fredriksen’s stake in Euronav to 18.77%, closing in on the 19.6% holding that the Saverys’ have amassed.
Frontline and Euronav announced on April 7 the plans for a potential combination between the two companies to create a global leader in the tanker industry.
Despite opposition from the Saverys family, who have played a key part of Euronav’s development over the past 25 years, the merger looks likely to go ahead.
In an update at the end of May, Frontline and Euronav said they are working extensively to conclude due diligence and finalise an appropriate transaction structure. This may include a voluntary exchange offer by Frontline for Euronav shares as a first step, and Frontline would then consider setting the minimum acceptance ratio as low as 50.1% including shares already owned by Frontline.
