Saverco Makes Squeeze-out Bid on CMB
CMB and Saverco announce that on December 21, 2015, at the closing of the acceptance period of the reopening as a simplified squeeze-out of the voluntary public takeover bid in cash made on CMB by Saverco, a total of 1,270,753 shares were tendered into the simplified squeeze-out bid. The remaining 208,921 shares which were the subject of the bid and which were not tendered into the bid, are deemed to have been transferred to Saverco by operation of law. As a result, following the effective transfer of ownership of the shares tendered into the simplified squeeze-out bid and the transfer by operation of law pursuant to article 43, section 3 of the Royal Decree on Public Takeover Bids, Saverco (together with its affiliates) shall hold a total of 34,959,000 shares (or 99.88 percent) in CMB.
CMB Acquires Dry Bulk Asset
The Board of Directors of CMB met pursuant to the provisions of the Belgian Code of Companies relating to the existence of conflicts of interest and authorized the company to acquire the dry bulk assets of Delphis on the basis of current market values. Delphis is a subsidiary of SAVERCO, one of CMB’s reference shareholders. The acquisition will include a 50% participating interest in the joint venture company Ocean Capes Limited, owner of the capesize vessels Mineral Subic (2011-179.397 dwt), Lake Dolphin (2011-179.418 dwt) and Bulk Canada (2012-179.397 dwt). The remaining 50% will be held by the joint venture partner Boxlog. The Lake Dolphin and the Bulk Canada are on bareboat charter to CMB and Boxlog, respectively.
European Tanker Alliance Formed
Euronav announced the conclusion of negotiations between the representatives of Tanklog Ltd. and Euronav pursuant to which there will be a merger of the assets of Tanklog Ltd. into Euronav. Tanklog is a major player in the Suezmax sector with a fleet consisting of 14 modern double Hull Suezmax tankers, of which 5 are under construction at Samsung Heavy Industries in Korea with deliveries scheduled in 2006 and 2007 and 2 modern double Hull Aframax tankers. The Tanklog fleet is under the management of Ceres Hellenic Shipping Enterprises Limited in Greece and is under long term contractual arrangements with major independent U.S. refiners. The transaction will take the form of an acquisition by Euronav of the assets of Tanklog valued in excess of USD 1 billion.
