18 August 2010 09:18 [Source: ICIS news]
Chemicals and energy information group ICIS expands interest in CBI China
London, 18th August – ICIS, a leading provider of benchmark price and news information to the global chemical, oil and energy markets, announced today the signing of an agreement for an increase in its holding in CBI China Co., Limited (“CBI China”), the leading provider of pricing and news information and analysis to the petrochemical and energy markets in China.
ICIS and CBI China have successfully collaborated since 2007, when ICIS first acquired a minority holding. This has resulted in the launch of a number of new information products and conferences in China as well as international events. ICIS is a Reed Business Information (“RBI”) data services business with a strong record of growth over the last decade.
As part of the transaction, the CBI China conference business will be spun out of CBI China and managed by CBI China’s original founders, with ICIS retaining its minority interest. Completion of the transaction is subject to the above restructuring of CBI China’s conference business being completed, including the relevant official approvals being obtained. On completion of the transaction, ICIS will have a majority holding in the CBI China market information and consulting business with the original founders maintaining a minority interest and continued collaboration.
The combined ICIS and CBI China businesses will benefit from unrivalled coverage of Chinese and Asian chemicals and energy markets, giving market participants regional and worldwide access to the most robust benchmarks, news and analysis in support of trading and business decisions.
“Chinese demand continues to drive world commodity markets and together, ICIS and CBI China, will be well placed to facilitate that trade by delivering comprehensive international market data to local companies, and unparalleled China market information to international players,” Christopher Flook, Managing Director of the ICIS group said. “Deepening this relationship is the next logical step in extending our franchise as a true global leader in chemicals and energy market information.”
“This is an exciting opportunity for both CBI China and ICIS,” said CBI China CEO Zhang Ye. “We believe that this cooperation will not only bring significant benefits to our customers but also provide big potential for the new company’s growth in the future.”
RBI Managing Director Jim Muttram added, “This alliance bolsters ICIS’ position as the world’s leading provider of market information on petrochemical and energy markets and provides a strong platform on which to launch new services.”
For further information about the announcement, please contact:
Telephone: 44 20 8652 8031
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