Euronav NV rejected a decision by Frontline Plc, the shipping giant controlled by billionaire John Fredriksen, to scrap plans to create the world’s top publicly listed oil-tanker company.

The move follows Frontline’s decision to withdraw merger plans after opposition from one of Belgium’s oldest shipping families. The termination for now brings to an end a battle between two shipping magnates for control of Antwerp-based Euronav.

Euronav said it has determined that Frontline’s move to end the combination has no basis under the terms of the agreement and that the company “failed to provide a satisfactory reason for its decision to pursue termination,” according to a statement January 11.

Euronav is considering its options and “will take appropriate action to protect and preserve the rights and interests of Euronav and its stakeholders, including but not limited to potential litigation and/or arbitration,” it said.

Fredriksen in 2022 bought a stake in Euronav, before proposing to combine it with Frontline. But Compagnie Maritime Belge, which steadily increased its holdings in Euronav in the last few months of 2022, has been opposed to the plan from the outset, arguing that it doesn’t create shareholder value.

Both companies have large fleets exposed to a tanker market that is likely to remain robust for the foreseeable future, Evercore ISI analysts Jonathan Chappell and Sean Morgan have said.