Euronav looking for takeover candidates - De Tijd
Euronav [EBR:EURN] is looking for takeover candidates, reported Belgian daily De Tijd citing CFO Hugo De Stoop. The shipping company, specialised in oil tankers, got a loan of EUR 390m which the newspaper describes as a 'war chest'. For the loan, 11 tankers were given as collateral. The company has already cashed in EUR 95m from a sale and lease back of four super tankers.
According to the report, the cheap loans are meant to be used to hunt for takeovers, now that interest is low and there is overcapacity in the shipping sector. The report also referred to an earlier report in which CEO Paddy Rogers confirmed Euronav was looking for takeovers.