Two of shipping’s biggest names, Norway-based Frontline Ltd. and Belgium’s Euronav NV, have agreed to merge in a move that would create one of the world’s biggest tanker owners.
The all-stock deal announced Thursday, which has been approved by both the companies’ boards, involves an exchange of 1.45 Frontline shares for each Euronav share. The exchange will result in Euronav shareholders owning 59% of the merged entity and Frontline investors controlling 41%.
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