Hoyer purchases 20%
share in InterBulk Group
Feb 4, 2010 10:34 AM
At the end of December 2009, the Hamburg, Germany-based Hoyer Group signed a share purchase agreement (SPA) with a number of shareholders of InterBulk Group plc, which is listed on the London AIM market. These shareholders represent a stake of about 20% in InterBulk.
InterBulk offers a full range of services including dry bulk logistics, liquid bulk logistics, and tank containers, operating worldwide. It has 7,600 tank containers and 11,200 box containers, and its revenue for fiscal year ended September 30, 2009, was GBP 232 million.
“We have a common interest with InterBulk in chemical logistics, particularly tank containers for liquid bulk products,” said Ortwin Nast, Hoyer chief executive officer. “We became aware that there were shareholders in InterBulk who would like to sell, and so we seized the opportunity.”
The SPA is conditional on and subject to the approval of the German Federal Cartel Office. This transaction will be completed once the Cartel Office has given its final approval.
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