Euronav to Exit Belgium's Blue-chip Index Two Days After Joining

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.

(Reuters - Reporting by Diana Mandiá; Editing by Mark Potter and Emelia Sithole-Matarise)