MISC Berhad acquires 50% of VTTI B.V.
2010 - 06 - 01
Leading international shipping line, MISC Berhad, and the Vitol Group, one of the world’s largest independent energy trading companies, on 17 May 2010 have signed a Sale and Purchase Agreement via their respective subsidiaries whereby a wholly owned subsidiary of MISC Berhad, MTTI Sdn Bhd, acquired 50% of the shares in VTTI B.V., currently a wholly-owned subsidiary of the Vitol Group, for a price of US$735 million, subject to price adjustment. VTTI B.V. indirectly owns 49% stake in SIA Ventspils Nafta Terminals. The transaction still awaits approval by competition authorities and is expected to be completed within a few months.
MISC Berhad is a daughter company of PETRONAS, and is one of the top five shipping companies in the world by market capitalization.
COBALT acted as a local counsel for MISC Berhad in performing a due diligence investigation of SIA Ventspils Nafta Terminals and rendering various transactional Latvian law advice.