FRO - Top Euronav shareholder fails to win support for board nominees

Euronav (NYSE:EURN) said Thursday that its shareholders at the annual general meeting voted to reject a proposal from its largest individual investor to nominate three supervisory board members. Compagnie Maritime Belge had proposed appointing three non-independent directors for election to the supervisory board, who were not selected by shareholders, Euronav told Reuters, adding that the directors it had proposed were confirmed. Euronav (EURN), which is seeking a merger with rival oil tanker and storage operator Frontline (FRO), has been caught in a clash with CMB, which opposes the tie-up. If the merger goes through, Euronav (EURN) investors would own 59% of the combined group while Frontline owners will hold the remaining 41%. Euronav (EURN) recently reported a Q1 loss of $0.22/share, but the company has been helped by improving freight rates.

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Top Euronav shareholder fails to win support for board nominees