Norway's Frontline Finally Gets Sweden's ICB

Friday, September 24, 1999
A two-year fight for Swedish tanker company ICB Shipping ended Thursday in victory for Norway's Frontline -- but only after four of 12 ICB tankers are sold to a new group set up by key ICB players. An agreement between Frontline, ICB and ICB's main shareholder, Greek shipowner John Angelicoussis, values ICB at about 4.6 billion crowns and ends a stalemate over ownership. Bermuda-registered Frontline launched a hostile takeover bid for ICB in September 1997 with the aim of creating one of the world's largest quoted tanker companies, part of the consolidation emerging in the highly fragmented tanker industry.
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