Fredriksen linked company increases stake in Euronav
Famatown Finance Limited acquired 5,127,000 additional shares and today holds, together with related companies, 40,998,478 shares in Euronav or 20.31% of the shares outstanding, according to Euronav's release.
According to Offshore Energy, Famatown Finance Limited, a company indirectly controlled by trusts settled by shipping billionaire John Fredriksen, has increased its stake in European tanker major Euronav.
The move is being revealed in the wake of the decision of Fredriksen-backed Frontline to abandon the $4.2 billion tie-up with Euronav.
Euronav will update the market in accordance with applicable regulations, the company states in its press release.
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 1 V-Plus vessel, 40 VLCCs (with further two under construction), 22 Suezmaxes (one of which is in a joint venture and two vessels time chartered in) with a further five under construction and 2 FSO vessels under long term contract.
