GTL agrees to £32m takeover

GTL Resources, the owner of an ethanol and bio-refining company, has agreed to a £32m cash offer from marine firm Siem Kapital and fund manager North Atlantic Value (NAV), the companies said yesterday. Siem and NAV will pay one pound a share for GTL, which produces over one million gallons of ethanol per year through its subsidiary Illinois River Energy LLC. Norwegian firm Siem Kapital specialises in the management of marine vessels and is a subsidiary of Siem Industries, an industrial holding company with interests in various marine and resources sectors.