Small print: merger clause rules out CMB’s actions as grounds for termination

Tanker owner Frontline cannot rely on the actions of the rival Saverys clan as a reason for pulling out of its merger with Euronav.

The Belgian family and its shipping company CMB increased their stake in Euronav to 25% to block a full legal union with the John Fredriksen company, which has not fully explained why it scrapped the deal.