Frontline, the world’s largest oil tanker shipping company, has moved its legal battle to take over oil tanker firm DHT Holdings to the Marshall Islands where the court has agreed to hear Frontline’s case requesting a preliminary injunction against Bermuda-headquartered DHT.
That hearing will be held on May 17, giving time for additional filings to be made.
Frontline, which is controlled by John Fredriksen, has been trying to take over DHT, in which it already has a 14.5% stake, since March last year, making five formal bids, the latest just this week.
DHT has repeatedly rejected those advances and last month struck a deal to acquire 11 VLCCs from BW Group in return for BW Group getting a 33.5% stake in DHT.
The Marshall Islands court on Friday rejected Frontline’s request for a restraining order to prevent DHT from going through with the BW Group deal.
Earlier this month, on April 18, the Supreme Court of the state of New York ruled it did not have jurisdiction over DHT or BW Group in a related case brought by Frontline. That case was then dismissed when Frontline filed a notice of discontinuance.
DHT is incorporated in the Marshall Islands hence Frontline’s choice of legal venue after the New York failure.