Noble Group trading grinds to a halt amid rumoured deal with Vitol

Cornelia Mascio
Ottobre 21, 2017

TRADING in shares of embattled commodities firm Noble Group was halted a minute after noon on Friday, pending announcement of a "major transaction".

Noble Group in July said it will sell its North American Gas & Power (NAGP) business to rival Mercuria. It also cut its staff from 800 to 400.

Vitol Group's negotiations to buy Noble Group's oil trading unit are "very complicated" and may not end in a deal, the chief executive officer of Vitol told Bloomberg on October 18.

Among the oil unit's businesses is a contract for shipping via the Colonial pipeline, the biggest conduit for moving fuel from the United States refining centres of Texas and Louisiana to high-demand East Coast markets.

Vitol and an external spokeswoman for Noble declined to comment on the Reuters story.

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