Euronav will be officially known as CMB.TECH from October this year following approval of the change at a shareholders’ meeting.
Filed request for ticker
The name change will be preceded by a change to the company’s ticker symbol on Euronext and the New York Stock Exchange. The company said it had filed a request for the ticker to be changed from EURN to CMBT from July 15th on both exchanges.
The proposal to change the name of Euronav to CMB.TECH was part of Euronav’s $1.15bn acquisition of CMB’s green ships and green technology arm CMB.TECH earlier this year. Some 106 vessels were transferred to Euronav under that deal.
The loss of the Euronav name is one of the final steps in a deal struck between Euronav and CMB to break a stalemate between Euronav and fellow tanker owner Frontline on the future of Euronav. The Euronav-Frontline saga reaches back to at least 2022 when an $4.2bn all-stock merger was agreed before being terminated by Frontline.
In October 2023, Frontline agreed to acquire 24 VLCCs from Euronav for $2.35bn partly funded by the sale of its 26% stake in Euronav to CMB, breaking Frontline’s grip on Euronav.
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Source: Seatrade
