Norwegian oil tanker shipping company Frontline no longer wants to merge with its Belgian sector peer Euronav and has reported that the merger agreement has been terminated.
The merger was supposed to result in a global leader in the oil tanker industry, according to the plans announced last year. However, it soon emerged that the Saverys family, who founded Euronav, opposed the merger and raised its stake in Euronav to 25% to block it.
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In a press release, Frontline said it is pulling the plug itself and will not make an exchange offer for Euronav's shares, nor will it seek a listing in Brussels. "We regret not being able to complete the merger as planned in July 2022," Frontline CEO Lars H. Barstad said.
The company did not give a reason for abandoning the plans in the announcement.
