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Chrysaor Talks to Buy North Sea Rival Siccar Point End

Source: www.gulfoilandgas.com 1/31/2020, Location: Europe

Chrysaor’s talks to buy smaller regional rival Siccar Point have ended after a large gap between their price expectations. The breakdown in negotiations highlights difficulties oil and gas producers are facing with the long-term outlook for prices uncertain as economies shift away from fossil fuels.

Chrysaor offered around $1.6 billion to acquire Siccar Point in the second bidding round on Jan. 13, the only bid to acquire the entire company which is backed by private equity firms Blackstone and Blue Water Energy. Siccar Point’s owners are seeking around $3 billion, but a drop in oil and gas prices in recent months and a weak outlook for prices, particularly for natural gas, have led bidders to lower their offers, the sources said.

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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 


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