Michel Massoud, founder and chief investment officer of event-driven hedge fund Melqart Asset Management, sees the global crude oil tanker industry as a key area of opportunity -- and is building a merger arbitrage trade around the tie-up between Euronav and Frontline.
In July, Brussels-based Euronav -- which has a market capitalization of $3.8 billion -- agreed to an all-stock merger with Oslo-listed rival Frontline, which has a market cap of $2.7 billion.
Setting out his trade idea at this year’s Sohn London investment conference, Massoud said the post-merger . . .
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