Noble Group, Vitol may not agree on sale of Noble's oil business; Vitol CEO says
19 OCT 2017
Vitol Group, which is in talks with Noble Group [SGX:CGP] for a possible acquisition of Noble Group's USD 1bn-worth oil business, may not reach an agreement for the purchase eventually, according to a newswire report.
The overall terms and conditions of the potential deal, now under discussions, are very complicated, and the talks may not end in agreement, Bloomberg reported, quoting Vitol CEO Ian Taylor talking in an interview with Bloomberg TV.
In a related report, Hong Kong-based supply chain manager Noble Group short-listed potential buyers of its US-market-focused oil business, worth about USD 1bn, with Vitol Group and Mercuria Group on the list, Financial Times report in September.
The complicated issues include a question of how much of the oil business sale price should go into an escrow account, the Bloomberg report said, citing people familiar with the situation.