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FRO - Why Frontline Stock Is Front and Center Today
Frontline Ltd.
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%.