Gulf Oil and Gas accountACCOUNT

Essar Energy's Largest Shareholder is in Talks to Buy out Company

Source: Reuters 2/16/2014, Location: Asia

Essar Energy's majority shareholder is expected to make a bid for the remainder of shares it does not own in the coming days at a price tag of no more than 75 pence per share, the Sunday Times reported.

The newspaper did not give its source for the figure.

The shareholder, Essar Global Fund, had said on Friday it was considering an offer for its missing 22 percent stake at a "modest" premium to the company's Thursday closing price of 60 pence.

The Indian oil and gas company's stock has been steadily declining since its London listing four years ago that started at 420 pence.

Standard Life, which holds a minority stake in Essar Energy, said that Essar Global's plans would deprive small shareholders of the company's future growth value.

"This potential bid is an example of cynical opportunism and should not be allowed to proceed," David Cumming, head of equities at Standard Life Investments, said in a statement sent to journalists.

The Sunday Times reported that Russian bank VTB will finance Essar Global's bid.

Essar Energy and Essar Global declined to comment.

Acquisitions and Divestitures News in India >>

Congo >>  7/7/2020 - Zenith Energy Ltd., the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to announc...
Canada >>  7/6/2020 - i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce the following update. ...

South Africa >>  7/6/2020 - Following an evaluation of the exploration potential of the blocks and an assessment of the report of the pre-feasibility phase of the Environmental I...
Canada >>  7/2/2020 - Advantage Oil & Gas Ltd. has successfully closed the previously announced sale of a 12.5% interest in the Glacier Gas Plant to Topaz Energy Corp. ("To...

Nigeria >>  7/2/2020 - Sasol and Chevron have signed an agreement that will result in Sasol selling its indirect beneficial interest in the Escravos GTL (EGTL) plant in Nige...
United Kingdom >>  7/2/2020 - Premier is pleased to announce that the Group’s creditors have approved the acquisition of the Andrew Area and Shearwater assets (together, the “BP ac...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


India Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.