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Euronav mulls legal action against Frontline over merger terminationEuronav mulls legal action against Frontline over merger termination

Euronav says it could take legal action against Frontline for terminating its proposed merger agreement.

Marcus Hand, Editor

January 12, 2023

1 Min Read
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Photo - Bill Oxford, Unsplash

Frontline terminated its proposed merger with Euronav earlier this week following six months of negotiations after signing a combination agreement in July. Although supported by the majority of Euronav’s board the proposal was strongly rejected by the Saverys family which owns a 25% stake in Euronav.

In a statement Euronav said Frontline had failed to provide a satisfactory reason for its decision to pursue a termination of the agreement. “Euronav has complied with its obligations under the combination agreement and has done everything in its power to make this transaction a success,” it stated.

The next step from Euronav in the fractious merger attempt could be legal action. “The Supervisory and Management Boards are in the process of analysing the Company’s options and will take appropriate action to protect and preserve the rights and interests of Euronav and its stakeholders, including but not limited to potential litigation and/or arbitration,” Euronav said.

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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