Last Updated March 19, 2008
The attempt by US-based private investment firm Colony Capital to acquire a controlling stake in Libya's European refiner Tamoil, currently owned by the Libyan Investment Authority (LIC) has ended in failure.
Tamoil owns more than 3,000 service stations and many oil refineries in Europe across Italy, Switzerland, Spain, and Germany. Colony announced last year that it had agreed to buy the stake, in a deal that valued the refining and marketing firm at € 4bn (US$5.9bn), marking the second major foray by private equity into the European oil refining business in recent years.
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