Euronav tanker Takata of the French coast last year Euronav NV said Thursday that it is buying rival Gener8 Maritime Inc., an all-share deal worth about $500 million expected to create one of the world’s biggest oil tankers. The transaction, reported by The Wall Street Journal on Wednesday is likely to kick off a round of consolidation in the fragmented tanker sector, which has been roiled by an oversupply of vessels, a glut of crude oil and changing energy markets. The merged entity, in which Belgium-based Euronav will hold a 72% stake and New York-based Gener8 the remaining 28%, will control 75 tankers, including 44 very large crude carriers, or VLCCs, the massive ships that move the world’s oil across oceans. Euronav, which paid a 35% premium for Gener8 shares based on Dec. 20 closing prices, said the combined company will remain listed both on Euronext and the New […]