FRO - Frontline buys another 6M Euronav shares as merger plans move forward

Frontline (NYSE:FRO) -13.9% in Tuesday's trading after saying it is buying nearly 6M shares in Euronav (NYSE:EURN), or 2.95% of the outstanding shares, in a privately negotiated share exchange transactions with some Euronav shareholders. Frontline (FRO) said it will issue ~8.33M new shares as a result of the transactions, raising the company's total shares issued and outstanding to more than 211.8M. Early last month, Frontline (FRO) and Euronav (EURN) unveiled plans for a potential merger that would create a global leader in the tanker industry. Last week, Frontline (FRO) reported a Q1 adjusted loss of $0.01/share on revenues of $217M.

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Frontline buys another 6M Euronav shares as merger plans move forward