Euronav to exit Belgium's blue-chip index two days after joining
Reuters
Published Mar 19, 2024 13:44
Updated Mar 19, 2024 14:17
(Reuters) -Tanker company Euronav will exit Belgium's blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime Belge (CMB), bourse operator Euronext said on Tuesday.
CMB, owned by the Saverys family, and affiliates together hold 88.61% of the outstanding shares in Euronav, which exceeds the maximum allowed for the index.
"The Bel 20 rulebook prescribes that should the acquiring party own more than 85% of the shares, the company being acquired will exit the index," Euronext said.
Belgium's Euronav announced in October that its two major shareholders, CMB and Frontline, had reached a deal that would see the Saverys family take control of the oil tanker company and buy its remaining shares.
That deal between CMB and peer Frontline came after the latter - controlled by Norwegian-born shipping tycoon John Fredriksen - in January 2023 scrapped a $4.2 billion merger plan with Euronav that would have created the world's largest publicly-listed tanker company.
Euronav, which had debuted on the index on Monday, will exit it as of Wednesday morning, Euronext said.
The Belgian blue-chip index will become a "Bel 19" until 21 June 2024, the date of the index's next quarterly review, Euronext said.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.