NEW YORK, Sept 26 (Reuters) - Petroplus Holdings AG said on Sunday that it reached an agreement to sell its 32.62 percent stake in PBF Energy for $91 million so it could improve its liquidity and potentially put it in a better position to buy more attractive assets.
The company said it had reached an agreement in principle with Blackstone Group and First Reserve, its partners in the PBF venture.
It expects to reach a definitive agreement in the coming days and sees the deal closing in the fourth quarter, according to a Petroplus statement announcing the deal.
The company said the sale would help its financial flexibility allowing it to take advantage of possible acquisition targets in Europe.
'While I cannot be certain of success, I believe that Petroplus will be better positioned to acquire more attractive assets by concentrating on European opportunities,' Petroplus Chief Executive Jean-Paul Vettier said in the statement.
(Reporting by Sinead Carew, editing by Martin Golan) Keywords: PETROPLUS/ (sinead.carew@thomsonreuters.com + 1 646 2236186) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The company said it had reached an agreement in principle with Blackstone Group and First Reserve, its partners in the PBF venture.
It expects to reach a definitive agreement in the coming days and sees the deal closing in the fourth quarter, according to a Petroplus statement announcing the deal.
The company said the sale would help its financial flexibility allowing it to take advantage of possible acquisition targets in Europe.
'While I cannot be certain of success, I believe that Petroplus will be better positioned to acquire more attractive assets by concentrating on European opportunities,' Petroplus Chief Executive Jean-Paul Vettier said in the statement.
(Reporting by Sinead Carew, editing by Martin Golan) Keywords: PETROPLUS/ (sinead.carew@thomsonreuters.com + 1 646 2236186) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.