DHT Holdings Inc (DHT)

[eFinanceMarkets]

Frontline's complaint against DHT-BW deal rejected by court

DHT Holdings (NYSE:DHT) says a court in the Marshall Islands rejected Frontline's (NYSE:FRO) lawsuit against its March sale of a large stake to BW Group.

FRO, which holds a 14.5% stake in DHT, has been trying to take over the company for the past year, but DHT struck a tankers-for-shares deal with BW Group that made the latter DHT's biggest shareholder with a 30%-plus stake; FRO then sought to stop the deal in the U.S. courts, but the New York County Supreme Court said it had no jurisdiction over DHT, which is incorporated in the Marshall Islands.

DHT says the Marshall Islands court cited FRO's "failure to demonstrate" a probability of success on the merits of its claims.