Pertamina completes acquisition of Maurel & Prom
Friday, August 26 2016 - 04:00 AM WIB
PT Pertamina Internasional Eksplorasi dan Produksi (PIEP), a subsidiary of Indonesia?s state-owned oil and gas company PT Pertamina, has completed the acquisition of 24.53 percent shares in Etablissements Maurel et Prom (Maurel & Prom), an independent oil company listed on Euronext Paris.
This was said in a joint statement made by Pertamina and Maurel & Prom. PIEP acquired the shares from Pacifico for 201.1 million euros following a July 31 agreement, the statement said.
?The block trade has been completed for ?4.20 per share, plus a ?0.50 earn-out per share payable if, from January 1, 2017 (included) to December 31, 2017 (included), the Brent price remains above US$65 per barrel during all trading days within a period of ninety consecutive calendar days,? the statement said.
It added that should Maurel & Prom's Board of Directors deliver a favorable reasoned advice on the offer following the conclusions of the report from the independent expert, PIEP undertook to file, to the French market authority, a voluntary tender offer on (i) all Maurel & Prom shares under the same conditions as those offered to Pacifico and on (ii) 2019 and 2021 convertible bonds at their par value plus accrued interests. The schedule of the operation is expected to be completed by the end of 2016.
Maurel & Prom's Board of Directors has unanimously indicated that it supports the offer and has the intention to recommend the shareholders to tender their shares. In accordance with applicable regulation, Maurel & Prom's Board of Directors will deliver its definitive reasoned opinion on the tender offer once it has obtained the fairness opinion from Ledouble, the independent expert it has appointed.
Moreover Maurel & Prom's Board of Directors accepted Emmanuel de Marion de Glatigny resignation and appointed Denie S.Tampubolon as new director representing Pertamina, the statement said.
?Upon completion of the transaction, Maurel & Prom will continue to develop its current operations while also functioning as an arm of Pertamina and PIEP in implementing their strategy for international upstream growth,? it said.
Editing by Reiner simanjuntak