Oil tanker firm Euronav disputes Frontline's right to break up merger

Frontline

11/01/2023 13:23

Jan 11 (Reuters) - Belgian oil tanker and storage
company Euronav  EUAV.BR  said on Wednesday it disputed
Frontline's right  FRO.OL  to end a merger agreement between the
two firms and was considering options including arbitration and
legal action. 
    Oslo-listed oil transporter Frontline said on Monday it was
cancelling the $4.2 billion merger deal.
    "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," the
Antwerp-based group said in a statement.
    Euronav, which provides crude oil shipping and storage
services, said it was analysing its options and will take
"appropriate action (...), including but not limited to
potential litigation and/or arbitration".
    "Euronav has complied with its obligations under the
combination agreement and has done everything in its power to
make this transaction a success," it added.
 (Reporting by Juliette Portala, Editing Mark Potter)
 ((juliette.portala@tr.com ; +48 587 696 607))