Pertamina makes French oil bid
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. –