The deal follows past tensions between the Saverys family (owners of Compagnie Maritime Belge) and Fredriksen over Euronav's future. In 2023, CMB sought to buy out Fredriksen's Frontline at 18.4 dollars per share, leading to an 18-month negotiation. The proposed merger between Euronav and Frontline was ultimately blocked by the Saverys family, who increased their stake to prevent the deal.