Frontline falls as Euronav disputes merger termination

Frontline

11/01/2023 19:33

** U.S.-listed shares of oil transporter Frontline  FRO.N 
down 6.3% at $13.3
    ** Belgian oil tanker and storage group Euronav NV  EUAV.BR 
disputes Frontline's right to end a merger agreement between the
companies  urn:newsml:reuters.com:*:nL1N33W0ZX
    ** "Euronav has determined that Frontline's unilateral
action in pursuing the termination of the combination agreement
has no basis under (its) terms ... and that Frontline failed to
provide a satisfactory reason for its decision," EUAV says in a
statement
    ** However, Frontline's CEO says there are valid grounds for
the termination, which was definitive, as "certain conditions
and assumptions under the agreement were not met" 
    ** Frontline said on Monday a $4.2 billion deal to merge
with Euronav was terminated, a combination which would have
created the world's largest publicly listed tanker company
 urn:newsml:reuters.com:*:nL1N33V07Q
    ** More than 10.3 mln shares of FRO changed hands, almost
double the stock's 50-day avg trading volume
    ** Stock rose 71.7% last year
 (Reporting by Rupali Chaudhary in Bengaluru)
 ((rupali.chaudhary@thomsonreuters.com))