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Shares of marine fuel supplier Chemoil Energy Ltd. nosedived by as much as 15 percent today following news that Glencore International AG had agreed to purchase 50.8 percent of the company and offered to buy the remaining shares at a reported discount of 18 percent from the previous close.

The stock resumed trading on Wednesday after a one-day halt with shares dropping as low as 37 cents - the largest fall since October 2008.

The family of Chemoil founder Robert Chandran agreed to sell its majority stake in the company to Singfuel Investment Pte., a wholly owned unit of Glencore, for $233 million with the acquisition of 656.7 million Chemoil shares at 35.52 each.

Singfuel also offered to buy the rest of the shares at 35.52 cents each, according to an offer document from DBS Bank Ltd. The price is a discount of 18 percent to the stock’s December 14 close of 43.5 cents and values the company at $459 million.

Chandran’s family had been reported to be seeking to sell its stake in Chemoil earlier this year following his death in a helicopter crash in January 2008.

Chemoil's stock value has more than doubled since the start of the year on expectations of a possible takeover deal. The company halted trading in its shares on Tuesday, but this was then lifted on Wednesday at 09:00 hours, according to a request for lifting document on the company's website.

Chemoil is also 37.5 percent owned by Itochu Corp. The remaining 11.7 percent of the company is in public hands.

Last month Chemoil reported a net loss of US$12.6 million for the third quarter of 2009, representing a $23.1 million, or 220 percent, decrease in net income from a profit of $10.5 million during the corresponding period in 2008.

The profit attributable to equity holders for the first nine months of 2009 decreased $26.3 million, or 75.6 percent, to $8.5 million from $34.8 million in 2008.