Jun 2007 Financial News

Ansa bids for B'dos shares

Jun 23, 2007

REGIONAL conglomerate Ansa McAL Ltd has made a bid to purchase the shares of Barbados Shipping and Trading Co Ltd (BS&T), as an alternative option to the recently announced merger proposition put forward by Neal and Massy Holdings.

Ansa McAl, in a surprise move yesterday, announced its intention to make a cash offer of Bds $7.00 per share to the shareholders of BS&T.

The proposed merger between Neal and Massy Holdings and BS&T had been in the works for some time before it was officially announced last month.

Neal And Massy Chief executive officer Bernard Dulal-Whiteway, announcing the merger, said, "This is a merger of two companies that is handled through an amalgamation process. Both Neal and Massy and BS&T have enjoyed a very good relation over the last ten years so much so that both of us invested in each other.

"We see it as a very good marriage after many years of courtship because the two companies, whilst they are in similar industries, we don't really overlap in any one territory to the extent that there is going to be any fallout or loss of jobs."

Ansa McAl said yesterday, "The full details of the offer are being prepared within the framework of the pertinent legislation and the rules of the Securities Commissions of Barbados and Trinidad and Tobago.

"The details of the offer will be communicated to the shareholders in due course according to the appropriate protocols."

The company added, "Shareholders acceptance of this offer will consolidate the interests of BS&T and Ansa McAl, creating an enterprise with the scale and capability to compete effectively on a regional and global level and will significantly enhance the economic landscape of Barbados. This offer will be good for BS&T shareholders and for Barbados."


Source:
Driselle Ramjohn
The Trinidad Express
Saturday, June 23rd 2007

http://www.trinidadexpress.com/index.pl/article_news?id=161166807