Frontline and Frontline 2012 completed their merger on Monday. Frontline is now the surviving legal entity and Frontline 2012 becomes a wholly-owned subsidiary of Frontline.
Trading in the new shares of Frontline issued as merger consideration to former Frontline 2012 shareholders will commence on the Oslo Stock Exchange on Tuesday. Monday was the last day of listing of Frontline 2012 on the NOTC.
“By merging Frontline and Frontline 2012 we will regain Frontline’s position as a leading tanker company. The combined company will have a large fleet and a strong balance sheet which puts us in a position to gain further market share through acquisitions and consolidation opportunities,” said John Fredriksen, chairman of Frontline Ltd and of Frontline 2012, when announcing merger plans in July this year.
Related news: Merger of the two Frontlines draws nearer