A two-year battle for Swedish tanker company ICB Shipping ended Sept. 23 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 $600 million and ends a stalemate over ownership involving several legal wrangles. 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. "We feel that what we have agreed to is a creative solution although it does mean that Frontline has achieved its aim," ICB chairman Clarence Dybeck said.
