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| Lamnalco announces bid for Smit Terminals The shareholders of the Lamnalco Group, dredging group Royal Boskalis Westminster nv and the Saudi Rezayat Group, issued a bid for the global oil and gas terminal services division of Smit Internationale nv. The bid amounts to USD 300 million in cash. This amount corresponds to more than twenty times the profit of Smit Terminals and approximately ten times EBITDA. The bid will be financed with a combination of existing cash resources and credit facilities. The bid is subject to the usual conditions for a transaction of this kind. The combined companies will have an annual turnover of more than USD 280 million, and will operate in more than 25 countries on five continents. The share of the global market will be approximately 40%. The result will be the global player with the best position in the business of oil and gas terminal services. write your comments about the article :: © 2008 Construction News :: home page |