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Five takeover proposals received for France's former Petroplus refinery

Reuters
February 7, 2013, 11:40 am TWN

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PARIS -- France has received five offers for the takeover of its troubled Petroplus refinery, two of them “serious,” as a deadline passed on Tuesday for potential bidders to submit offers to legal administrators and avoid a liquidation the government hopes to avoid.

Late on Tuesday, French Industry Minister Arnaud Montebourg described as “serious” the offers received by Switzerland's investor group Terrae and Egypt's energy company Arabiyya Lel Istithmaraat.

Big oil firms have shown no interest in the Normandy-based Petit-Couronne refinery, France's oldest, as oil demand in Europe has dropped sharply and the industry struggles with overcapacity.

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