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).
Operates 11 Offshore Rigs
- Italy Prosecutors Probe Eni For Tax Evasion At Refineries (Nov 22)
- Officials: BP, Eni Interested In Developing Iraq's Majnoon Oilfield (Nov 20)
- Eni's Giant Gas Field Prompts Egypt to End Imports in 2018 (Nov 15)
Company: Hindustan Oil Exploration Co. (HOEC) more info
- Expro Secures $30M MGPP Contract with HOEC for India's Dirok Gas Field (Sep 21)
- Essar Appoints Former HOEC's MD as CEO - Exploration & Production (Nov 25)
- HOEC Discovers More Gas at Assam Well (Jan 05)
Company: Burren Energy more info
- Eni Makes Mandatory Offer for 20% of Hindustan Oil Exploration (Apr 24)
- A Step Closer for Eni and Burren (Jan 11)
- Eni UK Makes Offer for Burren Energy (Dec 12)