Indonesia's Indorama Group has won a tender for Nigeria's state-owned Eleme Petrochemicals Company Ltd. (EPCL) with a $215.89 million offer to buy 75% of the Nigerian government's shares in the petrochemicals company. EPCL is the biggest olefin-based plant in Africa. Indorama is expected to pay 10% of the price within 10 days, while the balance of 90% will be paid within 60 days.
Indorama outbid a local consortium of Dangote/Transcorp, which offered $135.02 million. Both the consortia were the top runners at the last opening of bids where their offers fell short of the reserved price and transactions were accordingly declared "inconclusive".
05-Dec-05 
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