Oil tanker groups Euronav and Frontline plan $4.2 billion tie-up [Reuters]
KBC GROUP SA UNSP/ADR (KBCSY)
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Source: Reuters
FILE PHOTO: Shipping tycoon John Fredriksen speaks in Oslo, Norway, June 1, 2017. REUTERS/Ints Kalnins/ Norwegian-born billionaire John Fredriksen, the largest owner of Frontline and the second biggest in Euronav, said the deal would establish a market leader and position the group for continued shareholder value creation. Euronav's owners will get 59% of the combined group and will also receive a cash dividend before the deal closes, while Frontline owners will hold the remaining 41%, the companies said in a statement on Thursday. The merged company will use the Frontline name and will be led by Euronav CEO Hugo De Stoop. Euronav's shares were up 9.5% at 1011 GMT while Frontline's were down 4.8%. Advertisement The combination offers economies of scale that will facilitate increased fleet utilisation and ease a transition to digitalisation of logistics and the adoption of lower-carbon fuels for tankers, the companies said. “The combination would be a leading global inde
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