Euronav’s challenge against Frontline divorce dismissed by arbitrators
Decision strengthens John Fredriksen’s position that his decision to terminate the combination agreement was entirely lawful, says Frontline
Euronav’s last-ditch appeal to stop the ill-fated Frontline-Euronav combination has ended after a Belgian judge dismissed Euronav’s emergency arbitration filing
EURONAV’s request for emergency arbitration to salvage the remnants of a deal to merge with tanker rival Frontline have been dismissed by a Belgian judge.
Euronav had sought emergency arbitration in Belgium after Frontline owner John Fredriksen pulled out of the agreement last month.
The decision, in addition to fully dismissing the claims, orders Euronav to pay to Frontline all costs of the Emergency Arbitration proceedings, including full compensation for legal costs incurred.
“This decision strengthens Frontline’s position that its decision to terminate the combination agreement was entirely lawful,” Frontline said in the statement.
Euronav has been approached for comment and will issue a statement shortly.
Separately, Euronav has said a special general meeting will be held on March 23 for shareholders to vote on a Saverys family move to oust the company’s current board in favour of directors more aligned to their strategic ambitions for Euronav.
The Saverys family and Mr Fredrisken now each control 25% of Euronav shares, making the board replacement a decisive moment in the battle for strategic control of the company’s future.