Oil trading giant Vitol launched a $713 million block trade in Viva Energy – worth 16.1 per cent of the company – after market close on Wednesday evening, as revealed by Street Talk on Tuesday evening.
Viva Energy bought Geelong Refinery and more than 700 suburban petrol stations that previously belonged to Shell. Vitol’s broker Bank of America was seeking buyers for 248.6 million shares at $2.87 apiece. The offer price represented 2 per cent percent discount to Viva’s last close. It was a fixed price bookbuild.Vitol and Viva Energy’s history goes back to 2014, when the Vitol Investment Partnership acquired Royal Dutch Shell’s downstream operations for $2.9 billion and renamed them Viva Energy.
Viva Energy is one of the country’s biggest fuel companies. It has 24 per cent of the downstream petroleum market, selling fuel and fuel products via the Shell brand in Australia and a refinery in Geelong.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.
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