Guangdong Zhenrong mulls acquisition of 51% stake in Titan Petrochemicals

19-Jul-12
Guangdong Zhenrong Energy Co., backed by a Chinese state-owned company, has offered HK$200 mln (US$25.8 mln) for a controlling stake in Titan Petrochemicals Group Ltd, as per Bloomberg. Guangdong will pay between HK$150 million and $200 million for a 51% holding via a share sale. Guangdong also offered as much as HK$1.3 billion to acquire a stake owned by Warburg Pincus LLC, subject to the dismissal of winding-up proceedings against the company. Saturn Petrochemical Holdings Ltd., a special-purpose vehicle of private-equity firm Warburg Pincus, filed a winding- up petition against Titan in the Supreme Court of Bermuda July 5. Titan, which provides services including oil and storage transportation in the Asia-Pacific region, said it is in shareholders and creditors’ interest to pursue talks on the deal. Titan shares, which have fallen 22% this year, were suspended in Hong Kong on June 19 ahead of a company announcement. The stock remains halted. The company is still assessing the offer and a deal is not certain.
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