Shell Ion deal marks Topaz's Arrival In Ireland
international |
environment |
other press 
Sunday July 17, 2005 23:22
by sbp
Extract:
"The purchase of the retail and commercial business of Shell by a consortium led by Ion Equity marks the arrival in the big time of the corporate finance house founded in 2000.
Neil O'Leary and Joe Devine, the founders of Ion, identified the deal, formed the Topaz consortium that included Emo Oil and took “a chunk'‘ of the equity in the firm, according to industry sources.
The terms of the deal were not disclosed, and O'Leary could not be contacted for comment.
The deal sees Topaz take over a business with turnover of more than €1 billion. It comprises Shell's six oil importation facilities, 35 local distribution depots, 55 retail service stations and the supply of products to 105 independently-owned service stations."
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"The" only answer that makes any logical sense to the qui bono question to me (and our government are nothing if not logical when it comes to asset stripping and putting interests of corporate / business elites above public interest) is that local economic elites will benefit further down the pipelines. The state will get no royalties but through these sweetheart deals the irish economic elite will extract their own royalties literally at the pumps."
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