EURONAV SCUTTLED
Scuttle, verb (sink): to intentionally sink a ship, especially your own, in order to prevent it from being taken by an enemy
How a deal decimated one of the world’s largest listed oil tanker companies and lined the pockets of industry heavyweights at the expense of minority shareholders
When two of the biggest players in the shipping world, Frontline and Euronav, announced plans to merge, minority shareholders looked set to make a handsome return.
But after the deal was thwarted by Compagnie Maritime Belge (CMB), Euronav was carved up between CMB and Frontline with no regard for minority shareholders.
Former Euronav shareholder, FourWorld Capital Management LLC is now fighting before the Belgian courts for a multi-million dollar payout on behalf of minority shareholders.
FourWorld had its first major legal victory against CMB on September 6, 2024. In a landmark ruling, the Belgian Markets Court decided an additional payout of at least $46 million was in order for all minority shareholders. The Belgian market regulator, the FSMA, has now ordered CMB to pay this out.
FourWorld is separately fighting to have detrimental asset deals worth $4 billion annulled at the Antwerp Enterprise Court.