Gulf Indonesia approves Conoco?s buy out plan
Monday, June 10 2002 - 11:55 PM WIB
The board of directors of Gulf Indonesia Resources has reviewed and approved Conoco Canada's previously announced proposal to acquire all common shares of Gulf Indonesia not owned by Conoco Canada at a price of U.S.$13.25 per common share in cash, the companies? statement said Monday.
Conoco Canada Resources Limited, a wholly owned subsidiary of Conoco Inc, currently owns 72 percent of Gulf Indonesia Resources.
Gulf Indonesia is Indonesia?s top non-LNG gas producer with contract areas spanning from South Sumatra to East Java.
The statement said the transaction would be e consummated through an all-cash tender offer to be governed by U.S. and Canadian securities laws and the tender offer would begin shortly. (alex)