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Chemoil Falls Most in Year 2009 on Glencore Buyout Offer (Update1)
By Christian Schmollinger
Dec. 16 (Bloomberg) -- Chemoil Energy Ltd. fell the most in more than a year in Singapore trading after Glencore International AG agreed to purchase 50.8 percent of the fuels supplier and offered to buy the rest of the shares at a discount.
The stock resumed trading after a one-day halt and fell as much as 15 percent to 37 cents, the biggest drop since October 2008, and was at 38.5 cents at 10:09 a.m. local time. Chemoil has more than doubled this year compared with a 59 percent gain in the benchmark Straits Times Index.
Glencore’s indirect wholly owned unit, Singfuel Investment Pte., agreed to buy about 656.7 million Chemoil shares from the company’s founding family and offered to buy the rest at 35.52 cents each, according to an offer document from DBS Bank Ltd. The price is a discount of 18 percent to the stock’s Dec. 14 close of 43.5 cents and values the company at $459 million.
“You would expect that the market price would come down to the offer price,” said Stuart Traver, a principal downstream advisor at consultants Gaffney, Cline & Associates Ltd. in Singapore. “Anyone holding shares at 43 cents are probably thinking they should take the money and run.”
Chemoil had been a takeover target following the death of its founder Robert Chandran in an helicopter crash in January 2008. Chandran’s family has been seeking to sell its stake since his death last year. Itochu Corp owns 37.5 percent of the company.
The purchase increases Glencore’s foothold in Singapore’s marine fuel market, the world’s biggest, where sales have risen even amid the global recession. Sales gained 3.1 percent to 33.2 million metric tons in the first 11 months of this year 2009, according to the Maritime Port Authority of Singapore. Prices in Singapore have climbed 83 percent in the past year to $452 a ton.
* 2010 SALES will be HIGHER
In 2008 Chemoil opened its Helios storage terminal on the city’s Jurong island, comprising of 18 tanks capable of holding 448,000 cubic meters.
“We are seeing growing demand for storage so if a company can get existing storage at an attractive price, that’s a good thing,” said Gaffney Cline’s Traver.
The completion of Glencore’s deal for the 50.8 percent stake held by the family will set in motion a cash offer for the remaining Chemoil shares it doesn’t own. The transaction for the Chandran’s portion of the stock must be completed within two business days of Feb. 28, according to the purchase document.
Glencore is the world’s biggest commodity-trading company dealing in oil, metals and grains as well as holding stakes in mines and smelters.
To contact the reporter on this story: Christian Schmollinger in Singapore christian.s@bloomberg.net
Last Updated: December 15, 2009 21:15 EST
Glencore International AG is one of the world's largest suppliers of a wide range of commodities and raw materials to industrial consumers. Our commercial counterparts are both producers and industrial consumers. Our role is to be a reliable and competitive partner to businesses in the segments of the market which we serve and to support these businesses as they expand and develop.
Our customers around the world, in industries such as automotive, power generation, steel production and food processing, rely upon our established global network of operations as a source of Metals and Minerals, Crude Oil and Oil Products, Coal and Agricultural Products.
These commodities originate either from Glencore's directly or indirectly owned production assets, or are secured by Glencore from third parties, or they benefit from the refining, processing or marketing expertise of Glencore.
Glencore is a privately held company owned by its management and employees. Headquartered in Baar, Switzerland, in our marketing operations Glencore directly or indirectly employs over 2,000 people worldwide in some 50 offices in over 40 countries. In our industrial operations Glencore directly or indirectly employs over 50,000 people in 15 plants in 13 countries.
Energy and Capital's Weekend Edition
By Keith Kohl | Saturday, April 17th, 2010
Welcome to Energy and Capital's weekend edition — our insights in investing, as well as the top stories this week from Energy and Capital and our sister publications.
Whether or not we're recovering doesn't matter...
Right now, the idea that we're recovering continues to fuel higher oil prices.
And we're all left to wonder if the days of triple-digit oil, damning the petrol gods that be, and flipping off gas station attendants may be returning... amid this recovery.
And They Just Might — Near-term, at Least
Now I'm not talking about the return of $147 oil — not yet anyway. Near-term, we're only talking about the possibility of a return to $100 (even $110 oil by late May/early June) that will send gas station prices well above $3. It certainly won't be something to cheer about, but it would only be temporary this year, coinciding with peak summer demand.
Even two big banks are joining that $100-prediction crowd, telling clients to brace for it.
Barclays, for one, expects crude to "flirt with $100 this year," anticipating an average price of about $140 by 2015. I'm sure consumers will love filling up their tanks at prices like those...
Published April 16, 2010
Low acceptances point to Chemoil Energy staying listed
http://www.businesstimes.com.sg/sub/companies/story/0,4574,381429,00.html?
OUTSOURCED SERVICES BIRTHDAY
Mon: 19 APRIL 2010
BUY USD0.425
SELL USD0.680
OUTSOURCED SERVICES GOOD FRIDAY
16th APRIL 2010
12,273,000 USD0.420 +USD0.050
USD0.370 408K (408K BfS)
USD0.375 489K (489K BfS)
USD0.380 1,532K (763K BfS)
USD0.385 750K (684K BfS)
USD0.390 372K (265K BfS)
USD0.395 1,101K (1,081K BfS)
USD0.400 2,647K (1,714K BfS)
USD0.405 776K (766K BfS)
USD0.410 469K (364K BfS)
USD0.415 1,590K (986K BfS)
USD0.420 1,757K (1,035K BfS)
USD0.421 60K MiD
USD0.425 322K (322K BfS)
14:02:53 USD0.400 1,000,000
XTRA STRONG underCurrent USD0.420
OUTSOURCED SERVICES GOOD FRIDAY
16th APRIL 2010
OUTSOURCED SERVICES CHEMOIL is GOLDEN TiGER
| Chemoil US$ | Symbol: AV5 |
Currency: US Dollar |
| Last: | 0.425 |  + 0.055 |
Vol (K): 12038.0 |
| Trading | |||||
| Updated Time | 16-Apr 17:00 | ||||
| Open | 0.37 | High | 0.425 | Low | 0.37 |
| Prev Close | 0.37 | Buy | - | Sell | - |
| Volume(K) | 12038.0 | Buy Vol(K) | - | Sell Vol(K) | - |
| 52 Wk High | 0.565 | 52 Wk Low | 0.25 | 52 Wk Avg Vol | 1861.784 |
| All Time High | 0.965 | All Time Low | 0.1 | ||
| Comments | No Info | ||||
*Reporting Currency in USD
Important: ShareJunction obtains our finance data from a third party. Check financial year before use. EPS values are recorded up to two decimal points.
| Financials | |||
| Date Updated | 31-Mar-2010 | Financial Year | 31-Dec-2008 |
| Current Year Profit (After Tax) $'000,000 |
47.069 | Previous Year Profit (After Tax) $'000,000 |
30.331 |
| Net Asset Per Share | 0.21 | Turnover $'000,000 | 21.26 |
| Current Year EPS (After Interest and Tax) |
0.04 | Previous Year EPS (After Interest and Tax) |
0.02 |
| PE Ratio (After Tax) | 8.9 | Times Covered | 7284.0 |
| Price (at update time) | 0.355 | Dividend Yield | 0.01 |
*Technical Analysis Information is updated Daily
| Technicals | |||||
| RSI | 53.16 | Williams %R | -25.0 | ||
| Comments (RSI) | No Info | Comments (W%R) | No Info | ||
Intraday Chart
OUTSOURCED SERVICES
CHEMOIL is GOLDEN HORSE
iT can lEavE peOple bEhind
CRY fAther CRY mOther
qUick qUick PiCK
PiCK qUick qUick
USD0.415
pharoah88 ( Date: 16-Apr-2010 15:27) Posted:
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OUTSOURCED SERVICES USD0.415 CHERRIES
14:02:53
USD0.400 1,000,000
BOUGHT frOm SELLER
USD0.400 1,000,000
BOUGHT frOm SELLER
pharoah88 ( Date: 16-Apr-2010 14:44) Posted:
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OUTSOURCED SERVICES USD0.405 CHERRIES
k3n888 ( Date: 16-Apr-2010 14:34) Posted:
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