Shipping magnate John Fredriksen believes the deal to combine Frontline and Euronav creates a “clear market leader” in the crude sector.
The two companies revealed on Monday that Oslo-listed Frontline will launch a voluntary share offer for Belgium’s Euronav, with a full legal merger planned for later on.
Fredriksen — Frontline’s biggest shareholder and Euronav’s second biggest — said the deal will position the combined operation for “continued, sustainable shareholder value creation and the realisation of significant synergies”.
