John Fredriksen’s Frontline has cemented its exit from Euronav, which appointed Alexander Saverys as its chief executive in what he described as a new chapter for the tanker giant.
The deal, announced in October after it was first reported in TradeWinds, ends a dispute over the Belgian tanker owner with a solution that in effect divides the company.
The Saverys family’s Compagnie Maritime Belge comes out of the transaction with a 49% stake in Euronav and the opportunity to steer it in a greener direction, as was their stated goal in the fight with Fredriksen.
