Argo assisted CMB on its public takeover bid on Euronav

Argo assisted its longstanding client CMB on its public takeover bid on Euronav. The mandatory bid forms the final piece of the landmark agreement between CMB, Frontline/Famatown and Euronav on a solution for the deadlock at Euronav, consisting of (i) the 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 triggered a mandatory public takeover bid on all remaining shares of Euronav. Given Euronav’s listing on Euronext Brussels and the New York Stock Exchange, the takeover bid by CMB was structured as a dual offer, comprising of concurrent offers in the US and in Belgium.