Sale of Tango outlets by Petroplus to KPC okayed

摘要

The Dutch antitrust authority has approved the sale of Petroplus' Tango gasoline retail outlets to Kuwait Petroleum Nederland BV,a subsidiary of Kuwait Petroleum Corp,Petroplus said in a statement Feb 17."As stated Feb 11,2004,completion of the sale transaction was only dependent upon obtaining this approval," the Netherlands-based refiner and marketer said.The Tango activities will be transferred as of Mar 1,2004.Petroplus will receive a total cash consideration of about Eur72-mil (US92-mil) for its 95% shareholding,net of working capital and transaction fees.The company expects to realize a book profit of about Eur52-mil from the sale of Tango in first-quarter 2004.The Tango network consists of of unmanned retail outlets selling fuel nationwide in the Netherlands.Tango currently has 62 stations operational in the Netherlands.