Norwegian tanker tycoon John Fredriksen buys stake in OSG

Norwegian tanker tycoon John Fredriksen has struck again. The self-made billionaire, known for his nose for business, has bought into Overseas Shipholding Group (OSG) and reportedly remains keen to consolidate the tanker sector. Fredriksen, who controls major tanker firm Frontline and a vast empire of other shipping and business interests, bought 5.2 percent of OSG just before the Easter holiday and appears set to pick up 4.4 percent more. The investment has sparked speculation of an outright takeover of OSG, and that sparked a jump in the price of Frontline's own shares. They were up nearly 7 percent Tuesday morning, on top of other gains earlier. Fredriksen is staying typically mum on his plans for OSG. Bjørn Sjaastad, chief executive of Frontline, told news bureau Reuters that "it's always interesting to consolidate the tanker sector," but other than that, declined to elaborate on Frontline's and/or Fredriksen's intentions.Frontline has stated that company execurives want to talk to OSG management and other OSG shareholders about alternatives for creating shareholder value. Fredriksen has taken over a host of other shipping companies, which helped build the huge fleet of modern tankers he now controls.