Oil tanker groups Frontline and Euronav terminate merger - Reuters

Reuters | Jan. 9, 2023, 6:17 p.m. | Original

Jan 9 (Reuters) - Frontline (FRO.OL) and its rival Euronav NV (EUAV.BR) have terminated their all stock merger deal, Frontline said on Monday.

Frontline will not make a voluntary conditional exchange offer for all outstanding Euronav shares and will no longer seek a listing on Euronext Brussels, it said, without providing a reason.

Euronav did not immediately comment.

The two companies announced the deal last year, aiming to create a market-leading oil tanker group with 146 vessels.

The merged company was expected to have a market capitalisation of more than $4 billion and the merger was supposed to generate synergies of at least $60 million a year.

The combined company had planned to use the Oslo-listed Frontline name, the rivals said when they first announced their intention to merge in April last year.

Reporting by Rahat Sandhu in Bengaluru; Editing by Lincoln Feast.

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