Per­tam­ina makes French oil bid

The Myanmar Times - - International Business -

IN­DONE­SIA’S state oil com­pany Per­tam­ina will be­come the top share­holder in Mau­rel & Prom and in­tends to make a pub­lic of­fer for the French oil op­er­a­tor that pumps most of its oil in Africa.

Per­tam­ina will buy the 24.5 per­cent stake owned by Paci­fico, the com­pany owned by Mau­rel & Prom’s board chair Jean-Fran­cois Henin, at a price that val­ues the com­pany at least 822 mil­lion euros (US$918 mil­lion), com­pared to its mar­ket cap­i­tal­i­sa­tion of 557 mil­lion euros at close of trad­ing last week.

If the deal is cleared by reg­u­la­tors and Mau­rel & Prom’s di­rec­tors ap­prove, “Per­tam­ina com­mits it­self to launch a vol­un­tary ten­der of­fer” un­der the same con­di­tions.

Al­ready present in Al­ge­ria, Per­tam­ina would ex­pand its foot­print in Africa by ac­quir­ing Mau­rel & Prom which has oper­a­tions in Gabon and Tan­za­nia.

The com­pany hopes to pump nearly 30,000 bar­rels of oil equiv­a­lent per day this year.

“This project is part of Per­tam­ina’s 5 strate­gic pil­lars im­ple­men­ta­tion to en­hance its up­stream foot­print around the world” and en­sure In­done­sia’s en­ergy se­cu­rity, said Wianda Puspone­goro, Per­tam­ina’s vice pres­i­dent for cor­po­rate com­mu­ni­ca­tion. –

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