THE WEDDING IS OFF

by Ffoeg S. Kramttu

Discount cash flows, discount asset values, but never discount the regulators. Within days of our going to press last month, the European Commission’s Merger Task Force raised the ante for the proposed union between Royal Pakhoed and Royal Van Ommeren to the point where Pakhoed bolted.

Providing yet another proof of the truth in Murphy’s Law, the proposal to merge Van Ommeren and Pakhoed into a new company to be named VOPAK failed to clear the first hurdle cited last month in MM. As we cautioned, the EC Task Force took exception to the high market share the new company would command in independent oil tank storage capacity. As we said a month ago:

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