Euronav says shareholder CMB fails to get directors onto board

　　div classBodysc17zpet90 cdBBJodivpReuters – Euronav said on Thursday that its shareholders had rejected Compagnie Maritime Belges CMB proposal to nominate three supervisory board members at its annual general meeting.p

　　pThe Belgian oil tanker and storage operator, which is attempting a 4.2 billion merger with smaller Oslolisted rival Frontline, has been caught in a clash with its majority shareholder CMB, which opposes the tieup. pdivdivdiv classBodysc17zpet90 cdBBJodiv

　　pCMB had proposed appointing three nonindependent directors for election to the supervisory board, who were not selected by shareholders, Euronav said in an emailed statement to Reuters, adding that the directors it had proposed had been confirmed.p

　　pEuronav said it was still waiting for the nomination of a new chairman for the supervisory board.p

　　pAhead of the AGM, CMB and Norwegianborn billionaire investor John Fredriksen, who is the largest shareholder in Frontline and the second biggest in Euronav, had built their stakes in Euronav, each trying to accumulate a larger holding.p

　　pIf the merger with Frontline goes through on Thursday, Euronav owners will get 59 of the combined group, which is expected to ease the lowcarbon transition for both firms and cut costs, while Frontline owners will hold the remaining 41.p

　　pShares in Euronav were up 1.7 at 1157 GMT. p

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　　pp Reporting by Juliette Portala and Diana Mandiá, Editing by Alexander Smithp

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