Frontline Terminates Merger Agreement With Euronav

(RTTNews) - Frontline plc. (FRO), an oil tanker shipping firm, said it has terminated merger agreement with Euronav, a Belgian oil transporter by sea.

As a result, Frontline will not make a voluntary conditional exchange offer for all outstanding Euronav shares. Frontline will also no longer seek a listing on Euronext Brussels.

In July 2022, Frontline had signed a merger deal with Euronav. The stock-for-stock combination was based on an exchange ratio of 1.45 Frontline-shares for every 1.0 Euronav-share, to create an independent listed oil tanker operator. Based on the Frontline share price $8.34 as of July 8, the proposed exchange rate represented a share value of $12.09 per Euronav share.

Frontline had said the merger would form a company with a market capitalization of over $4 billion and would be listed on Euronext Brussels, OSE, and NYSE upon Tender Offer completion.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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