CHEMICALS group Ellis & Everard has been snapped up by Dutch logistics and distribution group Vopak in a £310m deal

The recommended cash deal by Vopak values each Ellis & Everard share at 310p, a 130 per cent premium on the current price of 135p.

The thinking behind the deal is that Ellis & Everard, which has a massive chemicals distribution hub at Cargo Fleet on Teesside, will be combined with Vopak's chemical distribution division with the aim of doubling its sales within three to five years.

Vopak already owns the former Tees Stotage at Seal Sands, which employs around 60 staff