Euronav NV files request for emergency arbitration, as today the company reveals. The company has decided yesterday to file an application request for urgent interim, and conservatory measures in relation to Frontline’s unilateral action in pursuing the termination of the combination agreement of July 10, 2022.
It is worth mentioning that Frontline plc has announced that will no longer proceed with the merger with Euronav. The two companies in July 2022, have signed a combination agreement to create a leading global independent oil tanker operator, as it was stated at that time by Frontline.
“Euronav reiterates its determination that Frontline’s unilateral action in pursuing the termination of the combination agreement has no basis under the terms of the combination agreement and that Frontline failed to provide a satisfactory reason for its decision to pursue termination”, as the company said in statement.
Responding this morning in a release Frontline said it has received from Euronav NV an emergency arbitration request for urgent interim, and conservatory measures following Frontline’s decision to terminate the combination agreement, and is currently analysing this request with its legal advisors.
“Frontline once again confirms that its decision to terminate the combination agreement was entirely lawful”, as Frontline insisted.