Eni Makes Mandatory Offer for 20% of Hindustan Oil Exploration

Eni Holding, a wholly owned subsidiary of Eni SpA, has launched a mandatory open offer for 20 per cent of the shares of HOEC at a price of 144.2 rupees per share.

Earlier this year, Eni Holding completed its acquisition of Burren Energy plc and thereby indirectly purchased a 27.17% interest in HOEC, an Indian oil & gas company listed on the Bombay Stock Exchange Ltd and on the National Stock Exchange of India Ltd.

Indian takeover rules obligate Eni Holding to make an offer for not less than 20 per cent of HOEC's outstanding shares at or above a specified minimum price. The offer price equates to this minimum price. The aggregate consideration payable under the offer (assuming full acceptances) is 3,765.8 million rupees (equivalent to around 59 million Euro).