2006/7/28 Advansa
La Seda to acquire Advansa's PET, PTA and Preform businesse
H. O. Sabanci Holding’s subsidiary Advansa BV (Advansa) chaired by Engin Tuncay
and La
Seda de Barcelona, S.A. (LSB) chaired by Rafael Espanol
have signed today a Share Sale and Purchase Agreement which will
result in the acquisition by LSB of the PET, PTA
and Preform businesses currently operating in the UK, Turkey and
Romania within Advansa. Completion is subject to
necessary regulatory approvals and is expected to take place by
1st October 2006.
The acquisition of Advansa’s PET plants in UK
and Turkey with combined capacity of 280 kte will result in LSB increasing its
total PET capacity to around 800 kte per annum and becoming the largest producer
in the European region with the broadest market coverage. It will
also enhance LSB’s backward integration by adding 670 kte of
PTA capacity in Wilton UK to its existing position
in MEG production in Tarragona, Spain.
PET remains an exciting opportunity for growth but requires
appropriate strategic development to remain successful. In this
competitive global market, the challenge for all producers has
been to deliver sustainable returns for their shareholders. Today’s agreement brings together two
well established and committed Polyester companies and creates a
clear market leader with strong capability, knowledge and market
coverage.
This acquisition will further strengthen LSB’s cost position with the addition
of PTA into its portfolio as well as extending its value chain
participation. LSB remains committed to maintaining the strong
external PTA sales positions, which have been developed by
Advansa.
Wahid Tawfik, CEO of Advansa: “We are delighted to have reached
agreement with LSB to acquire these businesses and we believe
this transaction will result in benefits to the industry and all
the stakeholders. I would like to thank all of the employees
associated with these businesses for their commitment and efforts
over many years and wish them every success in the future.”
Rui Vaz Sousa, PET
Division CEO of LSB: “This acquisition confirms our
commitment to the PET industry and will result in the
consolidation of our leadership position as number one PET
producer in the European region. We look forward to welcoming all
our new colleagues and we are sure that the combined talents of
our companies will result in a strong and successful business
focused on meeting the current and future needs of our customers
in terms of quality, service and innovation.”
In this transaction
Advansa has been advised by ABN Amro and LSB has been advised by
Espirito Santo Investment.
2006/5/17 AFX News
La Seda still studying PET acquisitions in Europe; no decision on Advansa
La Seda de Barcelona SA said it is still studying growth through acquisitions in the European polyethylene terephthalate (PET) sector, but has yet to make a decision on Turkish PET producer Advansa.
Commenting on a report in Expansion, a spokeswoman for the Spanish chemicals group said: 'We have various projects on the table, but we haven't made a binding decision.'
Earlier, Expansion said La Seda could acquire Advansa for 300 mln eur within the next few days.
The acquisition would make the company European leader in PET plastic, with annual production of 809,000 tonnes and sales of over 1 bln eur, the newspaper said.
2006/8/14 Platts
Turkey's Sanko
announces plans for petrochemical plant at Ceyhan
Turkey's Sanko
Holding conglomerate was developing plans to construct an oil
refinery and petrochemical complex close to Turkey's
Mediterranean oil port of Ceyhan, Turkey's state owned news
agency Nadolu Ajans reported Monday, in an interview with Sanko
chairman Abdulkadir Konukolu.
The agency reported
that Sanko already owned a 1.1-mil sq m site in the Ceyhan region
and was ready to conduct talks with international majors with a
view to forming a consortium to pursue the project.
A proposal from
Russia's TNK had already been rejected, he said, without giving
any details of the planned capacity or complexity of the plant
under consideration.
Turkish officials
had long been pushing the idea of the establishment of an new
petrochemical plant at Ceyhan.
In 2003 Sanko
formed a consortium with Turkey's Zorlu to bid in the sale of a
controlling stake in state petrochemical firm Petkim, a sale which was later
cancelled.
Ceyhan ジェイハン市はBTCパイプラインの終点
Sanko Group http://www.sanko.com.tr/eng/default.asp
Sanko Group, which started its operations with a simple hand-loom in 1904, is continuing its business activities with the same energy and confidence of the first day. Sanko has been actively involved in textile business for five generations. Since the beginning of the 1990s , Sanko group has diversified its bussiness areas in both the national and international platforms. Today, the group consists of many companies and employs over 14,000 people. The companies are active in textile, construction, finance, packaging, energy, food, automotive, white-goods, climatization, information technology, health care and education areas.
2007/7/5 AFX News
Kazakh consortium wins auction for 51 pct of Turkey's Petkim
Kazakhstan-based consortium Transcentralasia Petrochemical
Holding won
the auction for 51 pct of Turkish petrochemical company Petkim
with a bid of 2.05 bln usd.
A spokesman for the winning consortium, Haluk Recai Ulusoy, said:
'Transcentralasia plans very large investments in energy,'
without giving further details.
The auction must still be ratified by the body supervising the
auction.
In June
2003, Turkey
auctioned off 88.86 pct of the company to the controversial Uzan family empire for 605 mln usd, but cancelled
the sell-off two months later after the Uzans failed to fulfil
the required conditions amid financial difficulties.
A second tender in August 2003 for the block sale of 88.86 pct
failed because of lack of investor interest.
In April
2005, 34.5
pct of the company's shares were sold to Turkish and foreign
investors in a public offering that raised 267 mln usd.
Petkim controls one-third of the petrochemicals market in Turkey
and employs about 4,000 people. Its net profit in 2006 was 40 mln
usd.
Russian bank Troika leads $2.05 billion purchase of Petkim stake
Russian private equity
firm Troika
Capital Partners
is one of three investors behind Thursday's buyout of Turkish
state petrochemical company Petkim, according to a statement from
Troika Dialog, its parent company.
The other investors in Trans Central Asia Petrochemical
Holding--the
consortium behind the $2.05 billion purchase of a 51% stake in
Petkim--are oil company Caspi Neft and investment firm Evrazia, the statement said.
According to Russian business daily Vedomosti, Caspi Neft is a full subsidiary of US-based Transmeridian
Exploration,
which has operations in Central Asia.
Evrazia manages investments in Turkey for
Russian and Kazakh investors, according to Troika's statement.
Founded by Mukhmar Ablyazov, its main businesses are power
generation and real estate, Vedomosti said.
The head of Troika Capital Partners, Sergei Skvortsov, told
Vedomosti that Troika is the main investor in the group. A
spokeswoman for the bank declined to say what Troika's holding in
the consortium is.
Skvortsov also told the paper Troika Capital
Partners plans to exit in between four to six years. The new
owners are locked in for three years under the terms of the sale,
he said.
Transmeridian Exploration Incorporated is an independent energy company established to acquire and develop identified and underdeveloped oil reserves in the region around the Caspian Sea.
Turkish court rejects attempt by trade union to halt Petkim sale
Turkey's highest court,
the Danistay, has rejected an application by the Petrol Is trade
union to
halt the
sale of the 51% controlling stake in Petkim, Turkey's dominant
petrochemicals producer, on the grounds that the advertising for
the tender was in breach of privatization regulations.
A spokesman for Petrol Is confirmed to Platts Wednesday that the
case had been rejected by the court Tuesday but explained that
the union still had a second case pending which was filed after
the tender was completed in July.
That case called for the sale to be halted as it was
"against the national interest", and is still ongoing,
he explained.
Petrol Is, which represents the bulk of employees at both Petkim
and the former state oil refiner Tupras, which was privatized
last year, has for some years been actively engaged in legal
actions to halt privatization of the two companies.
In 2003 the union was successful at halting the sale of a
controlling stake in Tupras to a Turkish-Russian consortium,
while last year it succeeded in getting a ruling calling for the
reversal of the sale in 2005 of 14.76% of Tupras stock to an
Israeli businessman--a ruling analysts contend is unenforceable
as the stock has long since been traded. However, the union last
year failed in its attempt to stop the sale of a 51% controlling
stake in Tupras to a consortium of Turkey's Koc Holding (98%) and
Shell (2%).
The tender for the sale of 51% of Petkim was completed in July
with the winning bid of $2.05 billion being submitted by Kazakh-Russian
investment company, Trans Central Asia Petrochemical Holding, controlled by a US businessman
of Armenian extraction, Ruben Vardanyan.
Earlier this month the OIB announced that Turkey's Higher
Privatization Council (OYK), a body consisting of the Prime
Minister, senior ministers and bureaucrats, had decided to award
the tender to the second highest bidder, a
consortium of Turkish petroleum distributor Turcas, Azeri state
oil company Socar and Saudi Injazz projects, which bid $2.04 billion. No
reason for the change was given but Turkish commentators have
noted that the announcement was made only days after the US House
Foreign Affairs Committee voted to forward a motion to congress
recognizing the killing of Armenians in the Ottoman Empire in the
latter stages of World War I as genocide--a move which has caused
some disquiet in Turkey.
The sale of 51% of Petkim to the Turcas-Socar-Injaz consortium
now has only to be ratified by Turkey's competition board before
it can be given the final go ahead, an approval that is expected
to be issued within the next two weeks.