Euronav rejects Frontline's merger termination

Euronav has rejected Frontline's right to terminate the combination agreement, stating that Frontline has not provided "satisfactory reasons" for doing so.

PHOTO: Euronav Cap Quebec entering Port of Antwerp. Euronav

The Belgian tanker operator has written that “Frontline’s unilateral action in pursuing the termination of the combination agreement has no basis under the terms of the combination agreement between the two companies” in a letter addressed to shareholders.

It has added that the company will evaluate its current options and take appropriate action, “including but not limited to potential litigation and/or arbitration.”

Earlier this week, Frontline pulled out of the $4.2 billion merger deal after months of resistance from the Saverys family, Euronav’s largest shareholder.

By Konica Bhatt

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