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Apr 1, 2002 12:00 PM

Kaneb's acquisition of the liquids terminaling subsidiaries of Statia Terminals has been approved by shareholders of Statia Terminals Group NV. The Kaneb Companies are Kaneb Services LLC and Kaneb Pipe Line Partners LP. Kaneb Services' wholly owned subsidiary, Kaneb Pipe Line Co LLC, is the partnership's general partner.

This acquisition is being made by the partnership, and includes all liquids terminaling subsidiaries of Statia Terminals Group, one of the largest marine terminaling companies in the world. The acquisition of Statia facilities in St Eustatius, Netherlands Antilles; and Point Tupper, Nova Scotia, Canada, has an enterprise value of $300 million.