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Why Frontline Stock Is Front and Center Today
Shares of ocean-going oil tanker company Frontline (NYSE: FRO) surged ahead Friday, up 12.3% as of 12:55 p.m. ET, after it announced this morning that it plans to merge with Belgian rival Euronav NV (NYSE: EURN) in a $4.2 billion transaction. Although this really looks more like a merger of equals than an acquisition of the latter by the former, investors seem to think it’s better news for Frontline than for Euronav — shares of which are up a smaller 8.9%. When all’s said and done, current Euronav shareholders will end up owning 59% of the merged company’s stock, and current Frontline shareholders will own 41%.
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