Frontline Jumps in Oslo After Buying Stake in OSG
Wednesday, March 26, 2008
Frontline Ltd., the oil-tanker owner, advanced the most in 22 months in Oslo trading after buying a stake in a rival shipping company.
Frontline acquired 5.2 percent of New York-based Overseas Shipholding Group Inc., known as OSG, on March 20. Hamilton, Bermuda-based Frontline agreed to purchase an additional 1.37 million shares, or 4.4 percent, on May 29.
Frontline climbed 8.1 percent, the most since May 23, 2006, to close at 234.5 kroner, narrowing its year-to-date decline to 9.3 percent. Today was the first day of trading since March 19.
Fredriksen is holding talks with OSG's biggest shareholders about a cash offer for the company's tankers, financed by a share sale, the financial daily Dagens Naeringsliv reported, citing unidentified people.
Source: Bloomberg
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