Tanker giants Frontline and Euronav have sealed an agreement to combine their operations using a structure that lowers the acceptance bar in the teeth of strong opposition to the deal.
The John Fredriksen-backed owner will make a voluntary exchange offer for the shares of its Belgian partner, meaning it can complete a transaction with 50% plus one vote.
This has been approved by all directors at both companies following the announcement of their intention to combine in April, creating the world’s biggest crude tanker operation.
