North Sea Group and Argos Oil in Merger TalksBy North Sea Group And Argos Oil, PRNE
Tuesday, May 17, 2011
Largest Independent Energy Supplier of Western Europe in the Making
ROTTERDAM, The Netherlands, May 18, 2011 - Energy suppliers North Sea Group and Argos Oil are discussing a merger.
If the talks are successful, this autumn will see the creation of the largest
independent player on the North-west European market in, with more than 850
employees, a combined tank storage capacity of over 1.5 million m3 and annual
turnover of approximately EUR 10 billion. The announcement was made today by
Ben Vree, CEO of NSG and Peter Goedvolk, CEO of Argos.
NSG and Argos are strong in midstream and downstream
activities (storage and transfer, blending and trading of oil products,
bunkering of seagoing and inland vessels, distribution and sales of oil
products and biofuels, 'from producer to consumer'). The new company will be
active throughout Western Europe; in the Netherlands, Belgium, Luxembourg,
Germany, France and Switzerland. Outside Europe, the envisaged combined
organisation will be represented in Brazil, Singapore and China, among
Ben Vree: "After the recent strategic reorientation, NSG has
brought its core activities and future growth ambitions into sharper focus.
It wants to become an integrated provider of logistic services in the energy
field. Beside storage, transfer and distribution, these services include
trading and bunkering activities for seagoing and inland ships.
Sustainability also has a high priority at NSG. Merging with Argos will
enable us to realise all our ambitions better and more quickly and will give
us a platform for further growth."
Peter Goedvolk: "Both our ambitions and our operations fit in
closely with NSG's. We have been working for some time on expanding our
operations in Western Europe and on increasing our storage activities, and
are focusing on sustainable energy.
We believe that, in the rapidly-consolidating energy market,
joining forces with NSG is an important step in the right direction towards
realising our growth plans. We hope to be able to conclude the merger talks
in the fourth quarter of 2011, so that we will become a fully integrated
company with a clear vision of the future."
The next few months the plans for integration and realising
further synergies are being worked out.
Because of a difference of opinion about the long-term growth
strategy of NSG, the Van der Sluijs family has decided to sell its share in
NSG to the other shareholders, Reggeborgh, Atlas Invest and Romo Holding.
With this transaction, these shareholders realise a further increase of their
holdings in the energy sector.
In line with its strategic focus, NSG has decided to dispose
of its inland shipping activities Interstream Barging (ISB). NSG will sell
70% of the shares in ISB's inland shipping activities to the Van der Sluijs
family before the intended merger with Argos. NSG will retain a 30% strategic
minority interest in ISB in order to guarantee the availability of the fleet.
About North Sea Group
NSG is a major player in the West European downstream oil market. It
combines storage and distribution with the international trade in and selling
of mineral oils and biofuels. It is also active in Asia and South America,
where it is striving for the further expansion of its position in the
world-wide oil market. Safety, sustainability and the environment have high
priority at NSG.
About Argos Oil
Argos Oil was set up by CEO Peter Goedvolk in 1984 and is one of the
fastest-growing oil and energy companies in the Benelux. Its divisions in the
Netherlands, Belgium, Luxembourg, France and Germany are active in all
aspects of the oil and fuel business. Energy needs and the mix of energies
satisfying them, in which there is increasing emphasis on the environment,
are constantly changing. Argos responds to this with flexible working methods
and a broad product portfolio.
For more information, please contact: North Sea Group: Ben Vree T: +31-88-1007000; Argos Oil: Peter Goedvolk T: +31-10-2954240 or: Value at Stake, Edwin van Wijk/Jorrit de Jong M.+316-23480217/+31-614359607, info at valueatstake.nl
Tags: May 18, Netherlands, North Sea Group And Argos Oil, Rotterdam, The Netherlands