Compagnie Maritime Belge (CMB) has trashed the financial and strategic plans of Frontline’s proposed merger with Euronav.
The Saverys family-controlled company believes that without CMB’s support as Euronav’s largest shareholder, a squeeze-out is “impossible” and a subsequent merger remains “highly unlikely”.
“It’s simple mathematics,” CMB chief executive Alexander Saverys told TradeWinds.
