Euronav up after Frontline's biggest shareholder raises stake

Frontline

16/01/2023 09:34

** Shares in Belgian oil tanker group Euronav  EUAV.BR  rise
almost 6% after John Fredriksen, biggest shareholder of rival
Frontline  FRO.OL  and second-biggest in Euronav, buys over 5
million Euronav shares
    ** Fredriksen will now hold a 20.31% stake in Euronav
    ** Oslo-listed oil transporter Frontline terminated last
week a $4.2 billion agreement to merge with Euronav, without
providing reasons thereof
    ** The cancellation of the deal sent Euronav shares down
over 20% and Frontline up nearly 25% on Tuesday
    ** Euronav said on Wednesday it disputes Frontline's right
to end the agreement and is considering its options, including
arbitration and legal action
    ** The Euronav stock is among the top performers of
pan-European STOXX 600 index  .STOXX  
 (Reporting by Federica Mileo in Gdansk)
 ((Federica.mileo@thomsonreuters.com))