John Fredriksen’s Frontline has acquired some 6m shares in merger target Euronav through a private tender process, adopting a tactic that some see as another way to push through a combination.
The deal saw the sellers of the Euronav shares agree to take Frontline stock.
The exchange has resulted in Frontline gaining almost 3% of the outstanding Euronav shares, adding to its previous holding of 12% of the stock.
