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Global commodity trader Vitol is set to take complete ownership of Vivo Energy.

In a statement issued today (25 November), Vitol announced that the boards of Vivo and BidCo (a company indirectly owned by Vitol Investment Partnership II) have reached agreement on the terms of a recommended cash offer whereby BidCo will buy all Vivo shares excluding those already held by existing Vitol shareholders.

The offer of $1.85 in cash for each Vivo share values the company at around $2.3 billion.

Established in 2011 after Shell divested some of its downstream activities, Vivo distributes and markets Shell and Engen branded fuels and lubricants in 23 African countries through a network of over 2,400 service stations. The company is also involved in the region’s bunker markets.

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