Ansa
McAl bids for BS&T
The Trinidad Guardian
Port
Spain
Petroleumworldtt.com
07 22 07
Barbados-based
Ansa McAl subsidiary AMCL Holdings Limited has
formally launched a bid to take over
Barbados Shipping & Trading Company Limited,
a bid that runs in competition to the proposed
merger between the company and the T&T conglomerate
Neal & Massy Holdings Limited.
Neal & Massy
Holdings Limited announced the planned merger
on May 14, 2007, and the principals
of the two companies have already reached agreement
on the details of the merger and made an offer
to shareholders.
However, AMCL Holdings Limited is offering to
purchase all the outstanding Ordinary shares of
the company for a cash price of equivalent to US$3.50
per share.
AMCL Holdings Limited is a 100 per cent subsidiary
of ANSA Mc Al.
In
a newspaper advertisement on July 16, N&M
said it was committed to the BS&T merger.
N&M said although the process had been delayed,
it viewed the merger as “optimally beneficial
for shareholders of both companies and will continue
in its efforts, together with BS&T, to achieve
a successful amalgamation of both companies.”
In
a full page advertisement in yesterday’s
Guardian, AMCL Holdings Limited said “The
acquisition of the shares will permit the consolidation
of complementary businesses, namely the business
enterprises Ansa McAl and its subsidiaries, with
that of the business enterprises of BS&T and
its subsidiaries and permit the execution of the
business development plans for BS&T. This consolidation
should have the effect of streamlining and strengthening
capacity in the consolidated enterprise for the
purpose of enhancing the regional and global competitiveness
of the products and services of the combined group.”
The
statement added that the combined group would
create a BBD$3.5 billion Pan caribbean organisation
which will jointly employ 8,700 people, making
it an “extremely potent Caribbean-based conglomerate
capable of competing globally in several industries.”
Shareholders have been given up to August 21,
to accept the offer.
Trinidad
Guardian
Friday 20th July, 2007
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©2007 Trinidad Guardian. All Rights Reserved.
