The company now needs to file the offering documents with regulators and once it goes effective, they can begin the offer for Euronav. The terms call for an exchange ratio of 1.45 Frontline shares for every 1.0 Euronav share. Frontline needs a simple majority of the shares to consolidate Euronav as a publicly-traded subsidiary but the Saverys with 25 percent of Euronav's shares can block the second step which would have been a completed merger of the two companies. The Saverys have repeated their opposition to the transaction saying that they believe the combination would create a convoluted structure with inherent conflicts. They also have said that they do not believe in the benefits cited by Frontline and question the strategic direction. Having completed the reincorporation in Cyprus, Frontline is now poised to proceed during the first quarter of 2023 with the exchange offer. So far both sides in the battle for control of Euronav have shown no signs of changing their positions.