Australian government has no objection to Medco's takeover bid for Novus
Friday, February 6 2004 - 08:45 AM WIB
Melbourne-based law firm Allens Arthur Robinson said Friday that Australia's Treasurer had confirmed that it had no objections to the planned acquisition of Novus Petroleum Limited by Medco Energi (Australia) Pty Ltd (MEAPL).
"There are no objections, in terms of the Commonwealth Governments foreign investment policy, to the acquisition of all of the Novus Shares by MEAPL at any time until 5 February 2005," the law firms said in a statement to the Australian Stock Exchange.
MEAPL is a subsidiary of PT Medco Energi International, while Allens Arthur Robinson is Medco's advisor.
On Dec. 22, Medco launched a surprise takeover bid for Novus, valuing the Australian energy at A$326 million. Medco also has also extended closing date for the takeover bid from Feb. 10 to Feb. 24, 2004. (Robert)