Curated News
By: NewsRamp Editorial Staff
September 09, 2024
Brussels Market Court Rules Against CMB in Euronav Shareholder Case
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- The court ruling means minority shareholders may receive a $46 million payout due to CMB's miscalculation, providing a financial advantage.
- The Brussels Market Court retroactively increased the share value by at least $0.52, totaling an additional payout of $46 million.
- The ruling protects minority shareholders and holds brazen bidders accountable, making the financial market fairer for everyone.
- The court's findings are critical of CMB and Frontline's tactics, shedding light on the inner workings of high-stakes financial negotiations.
Impact - Why it Matters
This ruling sets a precedent for the protection of minority shareholders and sends a strong message to companies attempting to manipulate the system for their own gain. It also highlights the importance of legal and regulatory oversight in corporate transactions, ultimately impacting the fairness and transparency of the financial markets.
Summary
The Brussels Market Court in Belgium ruled that Compagnie Maritime Belge (CMB) wrongly calculated the offer price of shares during its mandatory takeover of Euronav NV in February this year. The court decided the value of each share should be retrospectively increased by at least US$0.52, amounting to an additional pay out of US$46 million. The Markets’ Court found that when calculating the bid price, CMB had failed to take into account special advantages worth US$104 million granted to Frontline when simultaneously selling it the best part of Euronav’s fleet. This ruling breaks new legal ground in Belgium and abroad regarding judicial protection of the minority shareholders, putting brazen bidders willing to game the system on notice.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Brussels Market Court Rules Against CMB in Euronav Shareholder Case
