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Euronav and Frontline postpone their merger to 2023 - Business

Euronav and Frontline postpone their merger to 2023 – Business

Belgian shipping company Euronav announced on Thursday that its planned merger with Norwegian company Frontline has been postponed until early 2023. The deal was originally expected to be signed at the end of this year.

“Given the complexity of the transaction, we need the consent of various authorities,” explains Euronav. To complete the transaction, Frontline must, among other things, leave the British tax haven of Bermuda to settle in Cyprus, in the European Union.

The tender offer will follow once Frontline will have completed all the paperwork, in particular with the FSMA. The Belgian family Saverys, founder and shareholder of Euronav, tried to prevent the operation during the last months. According to her, the merger is not compatible with Euronav’s desire to be part of the energy transition.

If the two companies merge, they will become the largest tanker shipping company in the world.

“Given the complexity of the transaction, we need the consent of various authorities,” explains Euronav. To conclude the operation, Frontline must in particular leave the British tax haven of Bermuda to settle in Cyprus, in the European Union. The tender offer will follow once Frontline has completed all the administrative formalities, in particular with the FSMA. The Belgian family Saverys, founder and shareholder of Euronav, tried to prevent the operation during the last months. According to her, the merger is not compatible with Euronav’s desire to be part of the energy transition. If the two companies merge, they will become the largest tanker shipping company in the world.

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