Frontline Jumps in Oslo After Buying Stake in OSG
Frontline Ltd., the oil-tanker owner, advanced the most in 22 months in trading after buying a stake in a rival shipping company.
Frontline (FRO) acquired 5.2 percent of New York-based Overseas Shipholding Group Inc. (OSGIQ), known as OSG, on March 20. , 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.