Titan sees improved offer from Zhenrong Energy

Titan Petrochemicals has received an improved offer from potential buyer Guangdong Zhenrong Energy, according to local media reports.

Zhenrong has offered to buy all of Titan’s shares for HKD19.55m ($2.5m) and pump in an additional HKD928.2m in capital, bettering its previous offer to buy 90% of Titan for HKD175m.

A rival offer from US private equity firm Warburg Pincus and rival firm SouthernPec offered to buy an 88% stake in Titan for HKD208m in cash and take on debt claims of HKD382m against by an associate firm of Warburg.