Pertamina fails to acquire Coastal
Tuesday, November 20 2012 - 01:46 AM WIB
State oil and gas company PT Pertamina said that it failed to acquire Coastal Energy due to disagreement on its price.
Coastal Energy, which is based in Houston, is an international oil and gas exploration and production company.
"We decided not to pursue it anymore as we failed to agree on its share price,? Pertamina Vice President for Corporate Communication, Ali Mundakir, told Petromindo.com in Jakarta on Tuesday.
He refused to give any further details.
Early this month, Pertamina said that it had an interest to acquire TSX-listed oil and gas company Coastal Energy Co.
According to a letter obtained by the Financial Post and dated October 2012, Pertamina expressed an ?ongoing interest in Coastal Energy? after making an initial expression of interest in September surrounding a joint venture with Calgary-based Talisman Inc.
In the letter, Pertamina states it is interested in pursuing Coastal Energy on its own and is prepared to pay a 15% premium to Coastal?s share price at or around US$23 per share or $2.6-billion.
Editing by Benget Besalicto Tnb.