FRO - Frontline says arbitrator fully dismissed Euronav's emergency arbitration

Frontline ( NYSE: FRO ) said Tuesday an emergency arbitrator has " fully dismissed " the emergency arbitration claims filed by Euronav ( NYSE: EURN ), which had tried to suspend Frontline's pullout of their planned merger.

The two tanker operators last year agreed to a $4.2B all-stock merger , but Frontline ( FRO ) terminated the deal last month, and Euronav ( EURN ) claimed the termination had no basis and that Frontline failed to provide a satisfactory reason for the pullout.

In addition to dismissing the emergency arbitration request, the emergency arbitrator ordered Euronav ( EURN ) to pay all Frontline's ( FRO ) costs related to the proceedings, including legal costs incurred, according to Frontline.

"This decision strengthens Frontline's position that its decision to terminate the combination agreement was entirely lawful," the company said.

Euronav ( EURN ) recently reported Q4 GAAP earnings and revenues that beat expectations .

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