CNOOC and Mitsui want to purchase Medco shares
Monday, April 19 2004 - 03:21 AM WIB
China National Offshore Oil Corporation (CNOOC) and Mitusi Co Ltd of Japan have expressed interest to buy a 17.01 percent stake in Medco Energy International from Credit Suisse First Boston (CSFB), Koran Tempo reported Monday.
Medco’s commissioner Arifin Panigoro confirmed in Jakarta last week that two companies’ representatives had met him to express interest to buy CSFB’s shares in Medco.
In addition to the two companies, other global oil firms had also expressed interest to buy the shares. But, he said that CNOOC and Mitsui had so far been the most potential candidates.
According to the existing agreement, CSFB has to offer to existing shareholders before it sells it to other investors. However, Arifin said the existing shareholders, the Arifin family, PTT Exploration and Production (PTTEP), were not interested in taking over the shares. “We are happy with the current composition of shareownership,” he added. (*)