Battle for Titan assets takes new turn

A drawn-out ownership fight over the crown jewel fuel storage assets of debt-troubled fuel trading and logistics firm Titan Petrochemicals has taken a new twist.

A person close to Titan and its white knight - partially state-owned fuel and metals trader Guangdong Zhenrong Energy - claimed a joint venture between United States-based private equity firm Warburg Pincus and SouthernPec, a Guangzhou-based rival of Titan, has failed to complete a deal to sell the storage assets to Guangdong Zhenrong.

via Business feed http://www.scmp.com/business/china-business/article/1252329/battle-titan-assets-takes-new-turn