Euronav, the Belgian-based shipping company, has announced that its two top shareholders are currently in talks about a potential deal to split up its oil tanker fleet. This development has put an end to the speculation that caused a decline in the company’s stock earlier this week.
According to Euronav, Frontline, one of its major shareholders, is planning to sell its 26.12% stake to Compagnie Maritime Belge for $18.43 per share. Following this transaction, Frontline would then acquire 24 oil tankers from Euronav’s fleet for a total of $2.35 billion. However, the details of this proposed deal are still being negotiated and there is no guarantee that an agreement will be reached.
In response to the reports, Euronav stated, “The discussions between the parties are well advanced. However, there can be no certainty that these discussions will lead to an agreement.”
It is important to note that if the share sale does go through, Euronav’s pending arbitration action against Frontline and its affiliates will be terminated.
These recent developments have shed light on the potential future of Euronav’s fleet and sparked interest among investors.