Euronav chief executive Hugo De Stoop has admitted future plans for the tie-up between his company and John Fredriksen’s Frontline are unusual.
The two tanker giants will operate “as one” if a Frontline offer for Euronav shares reaches 50% plus one share.
But a full merger is not possible under Belgian rules unless 75% of the stock is tendered in the deal, planned for the fourth quarter.
