Finance/Companies news briefs, Sept. 27
Bureau Veritas � RINA � Kaneb Pipe Line Partners � Shore Terminals � UN Dollars � Emerald Restoration & Production � Panaco � ABB Lummus Global � Equistar Chemicals � Targor
Bureau Veritas, the Paris-based French classification society for the shipping industry, said Monday it would seek to finalize its recent cooperation talks with Italy's RINA SPA shipping industry classification society. BV said an alliance between its organization and RINA would "create an unrivaled European entity" contributing to closer relations with the European maritime authorities "and to a meaningful dialogue on marine quality and safety." The RINA foundation, which controls the Italian society, is said to be "seriously considering" BV's global proposal, which includes all marine and industrial activities. RINA would retain its corporate identity and control of its activities in Italy and would have the chance to become a BV shareholder.
Kaneb Pipe Line Partners LP said it signed a definitive agreement to acquire Shore Terminals LLC, the owner of seven terminals with a total capacity of about 7.8 million bbl. The purchase price is $106 million in cash and 2 million Kaneb Pipe Line Partners partnership units. Kaneb said the acquisition will increase its presence on the West Coast. Four of the terminals are located in California, and the additional three terminals are located, in Tacoma, Wash.; Portland, Ore.; and Reno, Nev. All of the terminals handle petroleum products and, with the exception of the Nevada terminal, have deepwater access, said Kaneb. The closing of the acquisition, which is subject to receiving certain regulatory approvals, is expected to occur in late October or early November.
Panaco Inc., Houston, said Monday that its common stock began trading on the American Stock Exchange Tuesday, Sept. 26.
ABB Lummus Global, part of the ABB Group, and Equistar Chemicals LP said Tuesday that they've completed their previously announced acquisition of the Novolen polypropylene technology from Targor GMBH, a subsidiary of Germany's BASF AG (OGJ Online, Aug 25, 2000). The companies purchased the technology through Novolen Technology Holdings CV, a joint venture in which ABB Lummus and Equistar are 80% and 20% interest holders, respectively. The joint venture also has acquired Targor's metallocene polypropylene technology rights and expertise and the right to license Targor's metallocene polypropylene technology. Targor will retain the right to use this technology for its own products. Equistar Chemicals is a joint venture of Houston-based Lyondell Chemical Co.; Millennium Chemicals Inc., Red Bank, NJ; and Occidental Petroleum Corp.
Jacksonville, Fla.-based UN Dollars said it acquired 80% of Emerald Restoration & Production Co. in exchange for 16,000,000 shares. Emerald operates four areas in the Powder River basin of Wyoming, said UN Dollars, covering 16,000 acres.