Wednesday, December 16, 2009

Cash Offer for Chemoil (AV5)

A pre-conditional takeover offer by Glencore International

Chemoil Energy Limited and its subsidiaries are mainly global traders in marine fuel products. The Company operates in ports, such as Long Beach, Houston, New Orleans, New York, Panama, Rotterdam, Fujairah and Singapore. As of December 31, 2008, it was organized into three segments: retail, which is engaged in the sales of physical supplies of marine fuel and related products; cargo, which is engaged in the sales of marine fuel and related products, such as the components of marine fuel used to blend into marine fuel, to customers such as traders, physical suppliers and resellers, and ex-wharf, which is engaged in sales of marine fuel to customers, such as resellers or distributors that accept delivery at its service centers and resell and deliver the product.

The transaction for the Chandran’s portion of the stock must be completed within two business days of Feb. 28, according to the purchase document. What confused me is that the offer price is much lower than the latest stock price.


  1. Chemoil Holding Announcement
  2. Bloomberg - Glencore Buys 50.8% Stake in Chemoil for $233 Million

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