UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(AMENDMENT NO. 24)*
Euronav NV
(Name of Issuer)
Ordinary Shares, no par value
(Title of Class of Securities)
B38564108
(CUSIP Number)
Compagnie Maritime Belge NV
De Gerlachekaai 20
2000 Antwerp
Belgium
Attention: Ludovic Saverys
Chief Financial Officer
Tel: +32 3 247 59 11
With a Copy to:
Robert E. Lustrin, Esq.
Reed Smith LLP
599 Lexington Avenue
New York, NY 10022-7650
Tel: (212) 521-5400
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
March 18, 2024
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☐.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See 240.13d-7(b) for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. B38564108
1 |
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Compagnie Maritime Belge NV | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (See Instructions)
WC, BK | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Belgium |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
0 | ||||
8 | SHARED VOTING POWER
177,147,299 | |||||
9 | SOLE DISPOSITIVE POWER
0 | |||||
10 | SHARED DISPOSITIVE POWER
177,147,299 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,147,299 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
87.60%* | |||||
14 | TYPE OF REPORTING PERSON (See Instructions)
CO |
* | Based on 202,233,997 Ordinary Shares outstanding as of December 31, 2023 (not including treasury shares), as reported in the Issuers Current Report on Form 6-K furnished to the Securities and Exchange Commission on February 1, 2024. |
CUSIP No. B38564108
1 |
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Saverco NV | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (See Instructions)
WC* | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Belgium |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
24,400 | ||||
8 | SHARED VOTING POWER
177,171,699 | |||||
9 | SOLE DISPOSITIVE POWER
24,400 | |||||
10 | SHARED DISPOSITIVE POWER
177,171,699 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,171,699 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
87.61%** | |||||
14 | TYPE OF REPORTING PERSON (See Instructions)
CO |
* | As to 24,400 Ordinary Shares owned directly by Saverco NV. |
** | Based on 202,233,997 Ordinary Shares outstanding as of December 31, 2023 (not including treasury shares), as reported in the Issuers Current Report on Form 6-K furnished to the Securities and Exchange Commission on February 1, 2024. |
CUSIP No. B38564108
1 |
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Alexander Saverys | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (See Instructions)
OO | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Belgium |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
0 | ||||
8 | SHARED VOTING POWER
177,171,699 | |||||
9 | SOLE DISPOSITIVE POWER
0 | |||||
10 | SHARED DISPOSITIVE POWER
177,171,699 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,171,699 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
87.61%* | |||||
14 | TYPE OF REPORTING PERSON (See Instructions)
IN |
* | Based on 202,233,997 Ordinary Shares outstanding as of December 31, 2023 (not including treasury shares), as reported in the Issuers Current Report on Form 6-K furnished to the Securities and Exchange Commission on February 1, 2024. |
CUSIP No. B38564108
1 |
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ludovic Saverys | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (See Instructions)
OO | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Belgium |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
0 | ||||
8 | SHARED VOTING POWER
177,171,699 | |||||
9 | SOLE DISPOSITIVE POWER
0 | |||||
10 | SHARED DISPOSITIVE POWER
177,171,699 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,171,699 | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
87.61%* | |||||
14 | TYPE OF REPORTING PERSON (See Instructions)
IN |
* | Based on 202,233,997 Ordinary Shares outstanding as of December 31, 2023 (not including treasury shares), as reported in the Issuers Current Report on Form 6-K furnished to the Securities and Exchange Commission on February 1, 2024. |
CUSIP No. B38564108
1 |
NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael Saverys | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (See Instructions)
OO | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Belgium |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7 | SOLE VOTING POWER
0 | ||||
8 | SHARED VOTING POWER
| |||||
9 | SOLE DISPOSITIVE POWER
0 | |||||
10 | SHARED DISPOSITIVE POWER
|
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
| |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
87.61%* | |||||
14 | TYPE OF REPORTING PERSON (See Instructions)
IN |
* | Based on 202,233,997 Ordinary Shares outstanding as of December 31, 2023 (not including treasury shares), as reported in the Issuers Current Report on Form 6-K furnished to the Securities and Exchange Commission on February 1, 2024. |
Explanatory Note
This Amendment No. 24 (this Amendment) to Schedule 13D relates to ordinary shares, no par value (the Ordinary Shares), of Euronav NV (the Issuer) and amends and supplements the initial statement on Schedule 13D filed with the Securities and Exchange Commission (the Commission) on February 14, 2022, as amended by Amendment No. 1 thereto filed with the Commission on February 23, 2022, Amendment No. 2 thereto filed with the Commission on March 9, 2022, Amendment No. 3 thereto filed with the Commission on April 1, 2022, Amendment No. 4 thereto filed with the Commission on April 4, 2022, Amendment No. 5 thereto filed with the Commission on April 12, 2022, Amendment No. 6 thereto filed with the Commission on April 26, 2022, Amendment No. 7 thereto filed with the Commission on May 4, 2022, Amendment No. 8 thereto filed with the Commission on May 17, 2022, Amendment No. 9 thereto filed with the Commission on May 24, 2022, Amendment No. 10 thereto filed with the Commission on July 13, 2022, Amendment No. 11 thereto filed with the Commission on October 11, 2022, Amendment No. 12 thereto filed with the Commission on December 2, 2022, Amendment No. 13 thereto filed with the Commission on December 5, 2022, Amendment No. 14 thereto filed with the Commission on December 12, 2022, Amendment No. 15 thereto filed with the Commission on December 14, 2022, Amendment No. 16 thereto filed with the Commission on January 18, 2023, Amendment No. 17 thereto filed with the Commission on February 10, 2023, Amendment No. 18 thereto filed with the Commission on February 16, 2023, Amendment No. 19 thereto filed with the Commission on March 24, 2023, Amendment No. 20 thereto filed with the Commission on October 10, 2023, Amendment No. 21 thereto filed with the Commission on November 24, 2023, Amendment No. 22 thereto filed with the Commission on December 22, 2023, and Amendment No. 23 thereto filed with the Commission on February 16, 2024. (as amended and supplemented, the Original Schedule 13D, and as further amended and supplemented by this Amendment No. 23, the Schedule 13D).
Capitalized terms used but not defined in this Amendment No. 24 have the same meanings ascribed to them in the Original Schedule 13D. Except as specifically provided herein, this Amendment No. 24 does not modify any of the information previously reported in the Original Schedule 13D.
The tender offer by Compagnie Maritime Belge NV, a public limited liability company (naamloze vennootschap) under Belgian law (CMB or the Offeror), one of the Reporting Persons referred to in this Schedule 13D, commenced on February 14, 2024 and expired on March 15, 2024. This Schedule 13D is for informational purposes only, and is neither an offer to purchase nor a solicitation of an offer to sell any Ordinary Shares of the Issuer or any other securities. The Offeror filed a Tender Offer Statement on Schedule TO (the Tender Offer Statement) with the Commission, and the Issuer filed a Solicitation/Recommendation Statement on Schedule 14D-9 (the Schedule 14D-9) with the Commission relating to the U.S. Offer, which was only being made pursuant to the Offer to Purchase dated February 14, 2024, as amended and supplemented from time to time (the Offer to Purchase), and the related Letter of Transmittal (the Letter of Transmittal). The Offer to Purchase, the related Letter of Transmittal and the Issuers Schedule 14D-9 and other filings related to the U.S. Offer are available for free at the Commissions website at www.sec.gov.
Item 3. Source and Amount of Funds or Other Consideration
Item 3 of the Original Schedule 13D is hereby amended and supplemented by adding the information set forth in Item 4 of this Amendment No. 24, which is incorporated herein by reference.
Item 4. Purpose of the Transaction
Item 4 of the Original Schedule 13D is hereby amended and supplemented by adding the following information:
Expiration of the Offers
On March 18, 2024, CMB issued a press release (which is filed as Exhibit Q hereto and is incorporated by reference herein) announcing that the Initial Acceptance Period of the Offers expired on March 15, 2024, and a total of 69,241,955 Ordinary Shares were validly tendered and not withdrawn in the Offers. CMB has accepted all such Ordinary Shares for payment and will not conduct a voluntary subsequent offering period. Payment of the Offer Price for tendered shares will take place on April 3, 2024. Based upon the number of Ordinary Shares that CMB has accepted for payment, CMB may be deemed to beneficially own an aggregate of 177,147,299, or 87.60% of the outstanding Ordinary Shares, as of the date of this Schedule 13D. CMB will fund payments to tendering shareholders of approximately $1.24 billion with borrowings under the Bid Acquisition Facility. After giving effect to the settlement of the Offers, CMB expects the aggregate outstanding principal amount under the Facilities Agreement to be approximately $1.54 billion.
Item 5. Interest in Securities of the Issuer
Item 5 of the Original Schedule 13D is hereby amended and amended and supplemented by adding the following information:
(a) and (b) | The percentage of outstanding Ordinary Shares that may be deemed to be beneficially owned by each Reporting Person is set forth on line 13 of such Reporting Persons cover sheet and is incorporated herein. Such percentage was calculated for each Reporting Person based on 202,233,997 Ordinary Shares outstanding as of December 31, 2023 (not including treasury shares), as reported in the Issuers Current Report on Form 6-K furnished to the Securities and Exchange Commission on February 1, 2024. |
(c) | On March 18, 2024, CMB accepted for payment 69,241,955 Ordinary Shares that were validly tendered and not withdrawn in the Offers. None of the Reporting Persons nor (to the Reporting Persons knowledge) any person set forth in Item 2 of the Original 13D, has engaged in any transactions in the Ordinary Shares during the past 60 days. |
(d) | To the best knowledge of the Reporting Persons, no other person other than the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities beneficially owned by the Reporting Persons identified in this Item 5. |
Item 7. Material to Be Filed as Exhibits
Exhibit A | Joint Filing Agreement | |
Exhibit B | N/A | |
Exhibit C | Press Release dated April 8, 20221 | |
Exhibit D | Letter to Euronav NV dated April 26, 20222 | |
Exhibit E | Press release dated July 12, 20223 | |
Exhibit F | Letter to Supervisory Board of Euronav NV dated December 14, 20224 | |
Exhibit G | Letter to Euronav NV dated January 16, 20235 | |
Exhibit H | Press Release dated February 9, 20236 | |
Exhibit I | Transcript of CMB Conference Call held on February 15, 20237 | |
Exhibit J | Press Release dated October 9, 20238 | |
Exhibit K | Press Release of CMB under Article 8 of the Takeover RD dated October 9, 20239 | |
Exhibit L | Share Purchase Agreement among CMB, Frontline plc and Famatown Finance Limited dated October 9, 202310 | |
Exhibit M | Bridge facilities agreement among CMB and Crédit Agricole Corporate and Investment Bank, KBC Bank NV, and Société Générale and the other lenders thereunder dated November 20, 202311 | |
Exhibit N | Press Release dated December 22, 202312 | |
Exhibit O | Share Purchase Agreement between CMB and Euronav dated December 22, 2023, incorporated by reference to Exhibit 99.1 to Euronav NVs Form 6-K (File No. 001-36810) filed with the Commission on December 22, 202312 | |
Exhibit P | Press Release dated February 14, 202413 | |
Exhibit Q | Press Release dated March 18, 2024 |
1 | Previously filed with Amendment No. 5 on April 12, 2022 |
2 | Previously filed with Amendment No. 6 on April 26, 2022 |
3 | Previously filed with Amendment No. 10 on July 13, 2022 |
4 | Previously filed with Amendment No. 15 on December 14, 2022 |
5 | Previously filed with Amendment No. 16 on January 18, 2023 |
6 | Previously filed with Amendment No. 17 on February 10, 2023 |
7 | Previously filed with Amendment No. 18 on February 16, 2023 |
8 | Previously filed with Amendment No. 20 on October 10, 2023 |
9 | Previously filed with Amendment No. 20 on October 10, 2023 |
10 | Previously filed with Amendment No. 20 on October 10, 2023 |
11 | Previously filed with Amendment No. 21 on November 24, 2023 |
12 | Previously filed with Amendment No. 22 on December 22, 2024 |
13 | Previously filed with Amendment No. 23 on February 16, 2024 |
Signatures
After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.
March 19, 2024
Dated
COMPAGNIE MARITIME BELGE NV | ||
By: | /s/ Ludovic Saverys | |
Name: | Ludovic Saverys | |
Title: | Chief Financial Officer |
SAVERCO NV | ||
By: | /s/ Ludovic Saverys | |
Name: | Ludovic Saverys | |
Title: | Director |
ALEXANDER SAVERYS |
/s/ Alexander Saverys |
LUDOVIC SAVERYS |
/s/ Ludovic Saverys |
MICHAEL SAVERYS |
/s/ Michael Saverys |
Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that they are jointly filing this statement on Schedule 13D. Each of them is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.
IN WITNESS WHEREOF, the undersigned hereby execute this Joint Filing Agreement as of March 19, 2024.
COMPAGNIE MARITIME BELGE NV | ||
By: | /s/ Ludovic Saverys | |
Name: | Ludovic Saverys | |
Title: | Chief Financial Officer | |
SAVERCO NV | ||
By: | /s/ Ludovic Saverys | |
Name: | Ludovic Saverys | |
Title: | Director | |
ALEXANDER SAVERYS | ||
/s/ Alexander Saverys | ||
LUDOVIC SAVERYS | ||
/s/ Ludovic Saverys | ||
MICHAEL SAVERYS | ||
/s/ Michael Saverys |
Exhibit Q
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE ITS PUBLICATION WOULD BE UNLAWFUL
Results of the mandatory public takeover bid on Euronav NV launched by CMB NV
Antwerp, March 18, 2024, 9:15 pm The acceptance period of the mandatory public takeover bid launched by CMB NV (the Bidder) for all shares issued by Euronav NV (Euronav) not already owned by CMB or its affiliates (the Bid), expired on 15 March 2024.
During the acceptance period, 69,241,955 shares in Euronav, representing 31.47% of the outstanding shares in Euronav, were tendered into the Bid. Of those shares, 23,569,617 shares were tendered in the U.S. offer and 45,672,338 shares were tendered in the Belgian offer.
As a result, the Bidder will hold a total of 177,147,299 shares in Euronav, representing 80.51% of the issued shares in Euronav. Taking into account the 17,790,716 treasury shares held by Euronav and the 24,400 shares held by Saverco NV, the Bidder and persons affiliated with it together will hold 194,962,415 shares, representing 88.61% of the issued shares in Euronav.
Payment of the offer price for the tendered shares will take place on 3 April 2024.
Shareholders that have tendered in the U.S. offer will receive the offer price of USD 17.86 per share. Shareholders that have tendered in the Belgian offer will receive EUR 16.41 per share, i.e. the equivalent amount of the offer price in euros calculated using the WM/Reuters spot exchange rate for euros per U.S. dollar at 5:00 p.m. CET on the date of this press release, in accordance with the prospectus.
Disclaimer
This press release is also published in Dutch. If ambiguities should arise from the different language versions, the Dutch version will prevail.
This notice does not constitute a takeover bid to purchase securities of Euronav nor a solicitation by anyone in any jurisdiction with respect to Euronav. The public takeover bid is only made on the basis of the prospectus approved by the FSMA. Neither this notice nor any other information in respect of the matters contained herein may be supplied in any jurisdiction where a registration, qualification or any other obligation is in force or would be with regard to the content hereof or thereof. Any failure to comply with these restrictions may constitute a violation of the financial laws and regulations in such jurisdictions. CMB and its affiliates explicitly decline any liability for breach of these restrictions by any person.
Additional Information for U.S. Holders
This press release is for informational purposes only and is neither a recommendation, an offer to purchase nor a solicitation of an offer to sell any securities of Euronav. The U.S. Offer was made pursuant to an offer to purchase and a related letter of transmittal and other materials. CMB filed a tender offer statement on Schedule TO with the SEC with respect to the U.S. Offer on February 14, 2024, as amended or supplemented from time to time, and Euronav filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC with respect to the U.S. Offer on February 14, 2024, as amended or supplemented from time to time. The U.S. Offer expired on March 15, 2024. You may obtain a free copy of these documents and other documents at the SECs website at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements related to the public takeover bid by CMB on Euronav, including statements regarding the structure and course of the takeover bid and the continued listing of Euronavs shares after completion of the takeover bid. Words such as anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, would and will and variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Unless as otherwise stated or required by applicable law, CMB undertakes no obligation and does not intend to update these forward-looking statements, whether as a result of new information, future events or otherwise.