Saverco expands control over CMB

Saverco NV, a controlling shareholder of Antwerp-based cargo ship and aircraft lessor CMB, will seek to purchase all outstanding shares of CMB.

   Saverco NV, a controlling shareholder of Antwerp-based cargo ship and aircraft lessor CMB, will seek to purchase all outstanding shares of CMB, according to a joint statement from the companies.
   Currently, Saverco and persons affiliated with the company hold a total stake of 17,781,092 shares, or 50.8 percent, in CMB.
   The bid price per share for the share purchase amounts to 16.20 euros, or about $18, according to Friday’s exchange rates. 
   KBC Bank, BNP Paribas Fortis and Belfius Bank have confirmed the unconditional availability of the funds that are required for the payment for all outstanding shares that are not currently held by Saverco, CMB and Saverco said Friday.
   Once the outstanding shares are acquired, Saverco intends to delist CMB from Euronext Brussels.
   “CMB’s public listing with its limited liquidity has become a handicap for the further development and long-term strategy of the company in rapidly changing shipping markets,” said Marc Saverys, chairman of Saverco. “Through the privatization of the company, CMB will be able to compete in a more efficient way with competitors from Asia and the United States by focusing on the consolidation and specialization of the shipping segments in which the company is active.”
   CMB’s directors who are not affiliated with Saverco have unanimously support and recommend the bid. Saverco is also a main shareholder of Euronav, an international oil shipping services provider also based in Antwerp.