Zhenrong Energy makes offer for Warburg-invested Titan
Guangdong Zhenrong Energy has offered to pay HK$150-200 million ($19.3-25.8 million) for at least 51% of Titan Petrochemicals, the debt-laden shipping and oil storage firm against which Warburg Pincus has asked a court to launch liquidation proceedings. Titan said last week that it was in talks to sell a controlling stake to an unnamed third-party investor.
Zhenrong, part of state-owned Zhuhai Zhenrong, one of China's biggest oil traders, would also provide up to HK$320 million in interim financing and offer HK$1.13 billion for Warburg's interests in the...
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