Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Tanker firm Frontline says no longer pursuing DHT or other acquisitions

Published 26/06/2017, 09:04
© Reuters. Tanker firm Frontline says no longer pursuing DHT or other acquisitions

OSLO (Reuters) - Oslo-listed oil tanker firm Frontline (OL:FRO) is no longer pursuing a takeover of New York-listed competitor DHT Holdings (N:DHT) and is not working on any other acquisitions, Frontline's CEO told Reuters on Monday.

DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen's Frontline, calling the $500 million (392 million pound) all-share bid "woefully inadequate".

"We will not spend time pursuing the DHT track," Frontline Chief Executive Robert Hvide Macleod said in a written comment to Reuters.

"With our present opportunities for creating value through fleet renewal, we're not currently pursuing any other acquisitions either," he added.

Instead of a deal with Frontline, DHT struck a tankers-for-shares agreement with BW Group [BGLL.UL] in March, making the latter DHT's biggest shareholder with a stake of over 30 percent.

Frontline attempted to block the BW deal, first in a U.S. court and later in the High Court of the Marshall Islands, but both lawsuits were eventually dismissed.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.