Tuesday, December 15, 2009

Glencore acquires Chemoil Energy

Singfuel Investment Pte Ltd, an indirect wholly-owned subsidiary of Glencore International AG, plans to acquire all of the issued ordinary shares in the capital of Chemoil Energy Ltd. 
On 14 December 2009, Singfuel entered into a share purchase agreement with the Chandran Family Trust (the “Vendor”) whereby the Vendor agreed to offer and sell to the Offeror and the Offeror agreed to purchasefrom the Vendor, on the terms and subject to the conditions set out in the Share Purchase Agreement, 656,748,194 Shares (the “Sale Shares”), representing approximately 50.81 per cent of the issued share capital of Chemoil.
Singfuel offers US$0.352 per share to make total consideration of US$458.6 million. The offer price represents a discount of 21.1% to the last traded price per share on Dec 11, but a premium of 56.9% over the net asset value per share of Chemoil as at September 30, 2009.
Chemoil is one of the marine fuel industry’s leading physical suppliers and it delivers energy through controlling all key stages of the marine fuel supply chain. It purchases fuel oil, diesel oil and blend components from national oil companies, refineries, major oil producers and other sources. It transports, stores and blends marine fuel, which it sells and delivers to a broad base of customers.




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