Nordic Business Report-March 20, 2006-Stolt-Nielsen S.A. subsidiary to acquire 50% stake Oiltanking Antwerp N.V.
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Norwegian shipping, offshore services and aquaculture group Stolt-Nielsen S.A. (SNSA) announced on Monday (20 March) an agreement in principle between Stolthaven Terminals BV, a wholly-owned subsidiary of SNSA, and Oiltanking GmbH, a division of the German Marquard & Bahls AG. Under the agreement Stolthaven Terminals BV would acquire a 50% interest in Oiltanking Antwerp N.V. for a total consideration of some USD64m. The consideration would be paid partly in cash and partly by assumption of outstanding debts, the company said. The terminal would be renamed Oiltanking Stolthaven Antwerp and would continue to operate as an independent liquid and gas storage provider. One US dollar (USD) is worth approximately 0.57 British pounds (GBP).
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