The proposed merger between tanker giants Euronav and Frontline over the objections of top shareholder Compagnie Maritime Belge (CMB) is likely to happen simply because Euronav has multiple paths to achieving it.

One of those paths — a conventional merger in which Euronav needs a 75% shareholder vote — is in danger of being blocked. But it has at least one backup plan that could prove both unstoppable and threatening to CMB’s economic position.