Frontline calls off Euronav merger

Norwegian oil tanker shipping company Frontline no longer wants to merge with its Belgian competitor Euronav. The company reported on Tuesday that the merger agreement has been terminated.

The merger was supposed to make Frontline a global leader in the oil tanker industry, said the company last year. But the Saverys family, the Belgian founding family of Euronav, opposed the merger. The founders questioned the company's strategy and want to green Euronav's fleet with hydrogen tankers instead.

The family raised its stake in Euronav to 25 per cent in December, which would allow them to block the merger themselves. In a press release, Frontline now announced it is pulling the plug on the deal. The Norwegians will not make an exchange offer for Euronav's shares and will no longer seek a listing in Brussels.

"We regret not being able to complete the merger as planned in July 2022," says Frontline CEO Lars H. Barstad. The company did not give a reason for abandoning the plans in the announcement.

 

The Cap Quebec, a Suzemax tanker of the Euronav fleet, in the port of Antwerp. © BELGA PHOTO DIRK WAEM

Get updates in your mailbox

By clicking "Subscribe" I confirm I have read and agree to the Privacy Policy.

About belganewsagency.eu

Belga News Agency delivers dependable, rapid and high-quality information 24 hours a day, 7 days a week, from Belgium and abroad to all Belgian media. The information covers all sectors, from politics, economics and finance to social affairs, sports and culture, not to mention entertainment and lifestyle.

Every day, our journalists and press photographers produce hundreds of photos and news stories, dozens of online information items, plus audio and video bulletins, all in both national languages. Since the end of March 2022 English has been added as a language.

For public institutions, businesses and various organisations that need reliable information, Belga News Agency also offers a comprehensive range of corporate services to meet all their communication needs.

Contact

Arduinkaai 29 1000 Brussels

www.belganewsagency.eu