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Breakingviews - Sunken oil tanker merger leaves CEO adrift

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From Breakingviews - Sunken oil tanker merger leaves CEO adrift

Investors’ apparent surprise came even though Euronav’s main shareholder, family-controlled Compagnie Maritime Belge, increased its stake to more than 25%, with the apparent goal of crippling the deal.

That’s odd because the terms looked increasingly favourable to Euronav shareholders: Frontline’s net asset value had jumped 43% between the deal’s announcement and December, against 21% for its Belgian target, Jefferies reckoned. De Stoop is now stuck running a smaller company than he had hoped, and with a large investor whose plans for its stake are unclear. The next question is how long they can both stay in the same boat.

 

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Oil tanker groups Frontline and Euronav scrap $4.2 billion mergerOil tanker company Frontline said on Monday a $4.2 billion deal to merge with rival Euronav NV was terminated, a combination which would have created the world's largest publicly listed tanker company.
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