Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Exclusive - Vitol set to acquire Noble Group's oil liquids business: sources

Published 20/10/2017, 13:20
© Reuters. FILE PHOTO - A Noble Group sign is pictured at a meet-the-investors event in Singapore
NOBG
-

By Anshuman Daga and Dmitry Zhdannikov

SINGAPORE/LONDON (Reuters) - The world's largest oil trader Vitol Group is nearing a deal to buy Noble Group's (SI:NOBG) global oil liquids business, which analysts had valued at about $1 billion (£758.5 million), three people familiar with the matter said on Friday.

One of the sources said an announcement of the deal could come as early as Monday.

Shares of Singapore-listed Noble Group were halted earlier on Friday, pending the "announcement of a major transaction," Noble said.

The sources declined to be identified as Vitol's purchase of Noble's unit has not been made public. Details of the transaction were unavailable.

Vitol and an external spokeswoman for Noble declined to comment on the Reuters story.

Once Asia's biggest commodities trading house, Noble is slashing jobs and selling assets to shrink its debt. In July it agreed to sell its North American gas and power business to Mercuria.

Hong Kong-based Noble flagged earlier this month it expects to sell the capital-intensive oil liquids business by the end of December, pushing back the timeline by a few months.

© Reuters. FILE PHOTO - A Noble Group sign is pictured at a meet-the-investors event in Singapore

Reuters reported in August that trading firms including Mercuria and Vitol were among the suitors for Noble's oil unit.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.