Shares in Dutch shipping and tank storage firm Vopak fell to a two-month low in early trade on Friday on poor earnings, a weak outlook and disappointing merger synergies. By 0734 GMT the stock was off almost nine percent at 22.90 euros, having earlier touched a bottom of 22.70 euros, making it the biggest percentage loser on the Amsterdam bourse. "Vopak said the merger synergies would be postponed, so the merger is not delivering results on the upside. That's a negative sign," said Wouter van Baal, senior account manager at Eureffect.
Vopak, formed in November 1999 through the merger of Dutch sector peers Van Ommeren and Pakhoed, said it would not achieve the targeted merger synergies of 20 million euros this year, but these would reach 50 million euros by 2002.