DHT Holdings is looking to add tankers to its fleet at cyclically low prices rather than be acquired by Frontline, its co-chief executives say.
New York-listed DHT on Sunday rejected a $475m all-share offer from John Fredriksen's Frontline and the two companies have in the past 24 hours traded statements on the relative merits of the transaction.
Frontline yesterday called DHT to the negotiating table, arguing the dismissal of its offer on the grounds it was cyclically opportunistic was irrelevant given the all-shares nature of the potential transaction.
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