Spanish oil and gas firm Cepsa is looking at spending up to $3 billion on buying Houston-based Coastal Energy, according to a report in Spanish business newspaper Expansión late Thursday.
Cepsa sources contacted by Expansión declined to comment while no spokesman for the firm was available to talk to Rigzone Friday morning. Earlier this week Canadian paper Financial Post reported that Jynwel Capital – an international private-equity investment firm – had got together with Cepsa to make a bid for Coastal.
Based in Texas and listed on the Toronto Stock Exchange, Coastal Energy is focused on Southeast Asia, and holds several assets offshore and onshore Thailand as well as offshore Malaysia. This is the second time during the past year that Coastal has received interest as a possible takeover target; in November 2012 the Financial Post reported that Indonesian state-owned oil and gas firm Pertamina had cast its eyes over the company.
Cepsa, which employs some 11,000 people, is currently active in Europe, North Africa, Canada and South America.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you