UNO Colombia eyes Biomax takeover

The board of Colombian fuel distributor Biomax has backed a proposal from Petroholdings’ subsidiary UNO Colombia to become a majority shareholder through a public tender offer.
The transaction would be for a minimum of 102,706,032 shares which represent 50% plus one share and a maximum of 128,382,540 shares or 62.5% of total shares, at a price of 1,775 pesos (US$0 .96) per share, Biomax said in a statement.
Securities regulator Superfinanciera must authorize the deal.
Petroholdings’ operations cover import, storage, wholesale distribution, retail fuel transport and distribution, lubricants, asphalt, tires and convenience stores. Biomax would add Central America’s largest service station chain to the company.
Petroholdings has six storage terminals with a combined 2.43 million barrel capacity, distributed throughout El Salvador, Guatemala, Honduras and Nicaragua. The group also is a joint owner of El Salvadorian refinery Acajutla.
(April 16, 2013)