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FRO – Termination of Combination Agreement with Euronav

10 Ιανουαρίου 2023.

tanker45Regulated information. This press release contains inside information within the meaning of Regulation (EU) no 596/2014 of the European Parliament and the Council of 16 April 2014 on market abuse (Market Abuse Regulation).

Frontline plc (“Frontline”) (NYSE: FRO – OSE: FRO), formerly Frontline Ltd., refers to its announcement on July 11, 2022 regarding the combination between Frontline and Euronav NV (“Euronav”) and subsequent updates, and announces that it no longer pursues a combination between Frontline and Euronav. Frontline has terminated the combination agreement it entered into with Euronav in this respect.

As a result, Frontline will not make a voluntary conditional exchange offer for all outstanding Euronav shares. Frontline will also no longer seek a listing on Euronext Brussels. Frontline has simultaneously with this notice published a separate notice withdrawing its intention to such voluntary conditional exchange offer.

Mr. Lars H. Barstad, CEO of Frontline said: “We regret that we could not complete the merger as envisaged in July 2022, as that would have created the by far largest publicly listed tanker company. At the same time, both companies have independently very large fleets of crude oil and product tankers, and are already enjoying economies of scale as evidenced by our respective recent financial reports.

Frontline will with its efficient operations continue to capture value as this cycle unfolds, and remain focused on maximizing dividend capacity per share.”

 

FRO – Withdrawing Intention to Bid – Communication in Accordance with Article 8, §1 of the Royal Decree of 27 April 2007 on Public Takeover Bids

 

Regulated information. This press release contains inside information within the meaning of Regulation (EU) no 596/2014 of the European Parliament and the Council of 16 April 2014 on market abuse (market abuse regulation).

This notice relates to an earlier notice in accordance with article 8§1 of the Royal Decree of 27 April 2007 on Public Takeover Bids.

Frontline Ltd. (“Frontline”) (NYSE: FRO – OSE: FRO) refers to the notice dated 11 July 2022 in accordance with article 8§1 of the Belgian Royal Decree of 27 April 2007 on Public Takeover Bids regarding its intention to make a voluntary conditional exchange offer on all outstanding shares of Euronav NV (“Euronav”) within the context of an agreed combination agreement with Euronav (the “Combination Agreement”) (NYSE: EURN – Euronext Brussels: EURN). This notice can be found here:newsweb.oslobors.no/message/566760.

Frontline announces that as a result of the termination of the Combination Agreement, it will not make such voluntary conditional exchange offer and formally withdraws the intention expressed earlier, effective immediately.

 

The Board of Directors

Frontline plc

Limassol, Cyprus

 

Frontline Ltd. press release

 

 

 

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