Euronav is telling its largest shareholder thanks, but no thanks on its pitch to reinvent the tanker giant into a major player in decarbonisation instead of joining with John Fredriksen’s Frontline.

Following a statement from Saverys family-backed CMB on Friday that said the proposed Euronav-Frontline merger would create a company with an “exclusive focus on fossil fuels”, Euronav said its interests were of all its shareholders, not just CMB which controls 13.22% of all outstanding shares.