Argo assisted CMB on its landmark transaction with Frontline and John Fredriksen for Euronav
Argo assisted its longstanding client CMB on reaching an agreement with Frontline and John Fredriksen on a solution for the deadlock at Euronav. The transaction will consist of of a sale of 24 vessels by Euronav to Fronline for USD 2.35 billion and the acquisition by CMB of all Euronav shares held by Frontline and John Fredriksen for USD 1.06 billion. The completion of the share acquisition will be followed by a mandatory public takeover bid by CMB on all remaing shares of Euronav.
Given Euronav’s listing on Euronext Brussels and the New York Stock Exchange, the takeover bid by CMB will be comprised of two concurrent offers (i.e., a dual offer), structured as (i) a U.S. offer on Euronav shares held by U.S. holders (within the meaning of Rule 14d-1(d) under the Securities Exchange Act of 1934, as amended), conducted in accordance with applicable U.S. federal securities laws, and (ii) a Belgian offer on Euronav shares held by holders wherever located, conducted in accordance with applicable Belgian law.