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CIMC renews bid for Dutch boxmaker

CIMC renews bid for Dutch boxmaker

Shanghai: The world's largest container manufacturer China International Marine Containers (CIMC), in which Cosco and China Merchant Holdings are lead shareholders, is to launch its second attempt in a year to take over Dutch container and transport equipment manufacturer Burg Industries, according to agency reports. A CIMC subsidiary CIMC Tank Equipment Investment Holdings, based in Hong Kong, will establish an 80:20 joint venture with major Burg shareholder Peter van der Burg and offer Eu108m for 100% of the Dutch company. In February, Shanghai-listed CIMC launched a similarly-structured bid priced at Eu82.5m saying the acquisition was to boost the container manufacturer's product line and benefit from research, product development and skilled labour at the Dutch manufacturer. However, the bid was called off after EU competition officials expressed serious reservations about its competitive implications. It is not clear what would be different with this second bid.  [08/12/06]

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