3 May 2012 - Dutch energy trader Vitol Group said on Thursday that Varo Holding SA, its joint venture with investor AtlasInvest, had agreed to buy Petroplus Holdings AG (EURO)(TM)s (VTX:PPHN) Swiss refinery Petroplus Refining Cressier SA together with its marketing and logistics assets in the country.
The financial details of the transaction were not made public.
Under the definitive agreement, Varo Holding is buying the refinery as well as assets including Petroplus Tankstorage AG, Oleoduc du Jura Neuchatelois SA and Societe Francaise du Pipeline du Jura, the buyer said.
Vitol Groupâ(EURO)(TM)s president and CEO, Ian Taylor, sees the acquired assets as a significant growth source for the group, providing it with access to a quality, niche refinery and a supply chain of storage assets and wholesale marketing opportunities, he said.
Marcel van Poecke, AtlasInvestâ(EURO)(TM)s chairman, also expressed satisfaction with the deal, saying his firm will work together with Vitol, the Swiss managers and the new employees to ensure long-term growth for the Cressier refinery.
Varo Holding plans to restart refining operations at Cressier, it said.
Completion of the deal is expected in the second quarter of this year, pending courts approvals and regulatory clearance.
Petroplus announced in January it had entered into insolvency proceedings in Switzerland, the UK, France, Germany and Belgium, after failure to strike an arrangement with creditor banks.
Sector: Petroleum/Natural Gas/Coal, Wholesale/Retail, Business and Consumer Services
Target: Petroplus Tankstorage AG, Societe Francaise du Pipeline du Jura, Oleoduc du Jura Neuchatelois SA, Petroplus Refining Cressier SA
Buyer: Vitol Group, Varo Holding SA, AtlasInvest
Vendor: Petroplus Holdings AG
Type: Corporate acquisition
Copyright 2012 Normans Media Limited. All Rights Reserved.
(Originally published May 3, 2012, in M&A Navigator.)