Notifying Parties: | Glencore International AG and Chemoil Energy Limited |
Summary of transaction: | PART 5
INFORMATION FOR THE CCS PUBLIC REGISTER
(TO BE COMPLETED BY THE APPLICANT(S)) 1. The Applicants
This notification is made jointly by the acquirer, Glencore International AG (“Glencore”), and the acquired person, Chemoil Energy Limited (“Chemoil”). 2. Description of the merger
This notification is in relation to the acquisition of 50.81 per cent of all the issued ordinary shares in the capital of Chemoil, through its subsidiary, Singfuel Investment Pte. Ltd (“Singfuel”) from the Chandran Family Trust, followed by a mandatory conditional cash offer for all the shares other than those already owned, controlled or agreed to be owned by Glencore. Glencore and Chemoil submit that given the large number of competitors in the market, the low barriers to entry and expansion, strong countervailing buyer power and other competitive characteristics of the relevant markets, the merger, when carried into effect, is unlikely to result in a substantial lessening of competition in the relevant markets. 3. Relevant good(s) or service(s) involved
The provision of:
i. The worldwide supply of fuel oil, or on a narrower basis, marine fuel; and
ii. The provision of bunkering services in Singapore and Malaysia.
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Decision: | The proposed acquisition, if carried into effect, will not infringe the section 54 prohibition. |
Decision Date: | 24 February 2010
Click here for the decision |
