Euronav Rejects Frontline’s Right To Terminate Combination Agreement
Euronav NV, following further detailed consideration with our legal and financial advisors, hereby takes the opportunity to update our stakeholders on next steps following the announcement of our combination agreement partner on January 9, 2023.
Euronav has determined that Frontline’s (NYSE: FRO & OSE: FRO) unilateral action in pursuing the termination of the combination agreement has no basis under the terms of the combination agreement between the two companies signed on July 10, 2022 and that Frontline failed to provide a satisfactory reason for its decision to pursue termination. Euronav has complied with its obligations under the combination agreement and has done everything in its power to make this transaction a success.
The Supervisory and Management Boards are in the process of analysing the Company’s options and will take appropriate action to protect and preserve the rights and interests of Euronav and its stakeholders, including but not limited to potential litigation and/or arbitration. Euronav will continue to execute on its value creation strategy and is well positioned to seize the opportunities offered by improving market conditions and maximize its value potential for all stakeholders.
Euronav continues to communicate and maintain a constructive dialogue with its shareholders.