Oil Tanker Owners Frontline and Euronav Sign Merger Deal

Transport companies Frontline and Euronav will combine after first announcing the intention to merger in April 2022.

Reuters

Frontline Ltd. and rival Euronav have signed an all-stock merger deal to create a market-leading oil tanker group with 146 vessels, including 68 Very Large Crude Carriers (VLCCs), the companies said on July 11.

The firms, which expect the merged company to have a market capitalization of more than $4 billion and to generate synergies of at least $60 million a year, first announced their intention to merge on Apr. 7.

Shares in Oslo-listed Frontline, the smaller of the two but after which the combined group is to be named after, will be exchanged into Brussels-listed Euronav shares at a ratio of 1.45:1.

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