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Deal between Grindrod and Vitol approved
The European and South African Competition authorities have approved the transaction announced in March 2012 in which Grindrod Limited‚ the integrated logistics and shipping business‚ agreed to sell a 50% interest in Cockett Marine Oil (Cockett) to Vitol‚ the largest independent energy trading business in the world.
Cockett is one of the leading value added resellers and physical marine fuel suppliers in the world with a network of offices across Europe‚ Americas and Far East providing a global service to shipping clients. It delivers approximately five million tonnes of marine fuels annually and is also developing a network of physical supply operations in strategic locations.
"Vitol is the ideal partner to support Cockett's global growth strategy"‚ said Karl Beeson‚ Managing Director Cockett Marine Oil.
Ian Taylor‚ President and CEO of the Vitol Group‚ said: "We are pleased to have broadened our relationship with Grindrod with the purchase of 50% of Cockett‚ one of the leading value added resellers of marine fuels. It is an important addition to the Vitol Group and a source of future growth".
Source: I-Net Bridge
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