Australian Govt Approves Medco's Planned Novus Takeover

The Australian government said Friday it has no objections to the planned acquisition of Novus Petroleum Ltd. by Indonesia's Medco Energi Internasional.

"The treasurer of the Commonwealth of Australia has advised that there are no objections, in terms of the Commonwealth government's foreign investment policy." Medco said in a statement.

Medco has offered A$1.74 a share for Novus, a mid-sized oil and gas interest. Medco's offer expires Feb. 24.

Novus shares Friday closed down three cents at A$1.80.

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