Competition authorities OK Vitol-Grinrod deal
European and South African competition authorities have approved energy trading company Vitol Holdings B.V. (Vitol)'s planned acquisition of 50 percent interest in Cockett Marine Oil (Cockett) from Grindrod Ltd. (Grindrod), the logistics and shipping business, Grinrod announced, Ship & Bunker reports.
The deal was first announced in March, and it received clearance under the European Commission's merger procedure in June.
United Kingdom-based Cockett operates reselling and marine fuel supplying operations in Europe, the Americas, and Asia, and according to the statement delivers about five million tonnes of marine fuels annually.
"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," said Ian Taylor‚ president and CEO of the Vitol Group.
"It is an important addition to the Vitol Group and a source of future growth"
Officials of South Africa-based Grinrod have said the growing relationship with Vitol allows the two companies to make the best possible use of their complementary areas of expertise.