ONGC in lead to acquire UK-based co

Submitted by Prema Kher on Sat, 08/23/2008 - 08:02

Oil and Natural Gas Corporation (ONGC), India`s largest crude oil producers is in a lead to buy Imperial Energy, a GBP 1.2 billion London-based oil exploration and production company, reports Economic Times.

ONGC Videsh, the international arm of the company got approval from the government to go ahead for the bid.

Deutsche Bank is representing ONGC and has approached Imperial`s top institutional investors to ask for an irrevocable commitment to their offer.

ONGC has offered GBP 12.90 a share for Imperial Energy, which has led to a global bidding war. Imperial Energy has assets in Russia and Kazakhstan.

The other companies in race for acquisition are China`s Sinopec and KNOC of Korea. The acquisition will generate nearly GBP 80 million for Imperial`s chairman Peter Levine, who started the company in 2004 and retains a 6% stake.

Shares of ONGC gained Rs 4.2, or 0.42%, to trade at Rs 1,013.1. The total volume of shares traded was 148,194 at the BSE (1.24 p.m., Friday).


Tagged with

Miscellaneous

Overseas firms look past weakness in Indian economy

Overseas firms look past weakness in Indian economy

Global firms are making huge investments in India's consumer market, despite the overall weakness in the Asia's third-largest economy.

In the recent past, consumer goods giant Unilever announced its decision to invest $5.4 billion to increase its stake in its Indian arm Hindustan Unilever Ltd.

Available figures suggest that foreign companies collectively spent around $9.86 in mergers and acquisitions in India this year. The figure is the highest in Asia.

Chennai-born Mittu Chandilya to pilot AirAsia’s India operations

Chennai-born Mittu Chandilya to pilot AirAsia’s India operations

AirAsia's CEO Tony Fernandes on Wednesday revealed the identity of the person who will pilot the Malaysian airline's India operations.

Fernandes, the promoter of AirAsia, had announced in March that the airline had selected a very smart boy from Madras, with an amazing CV, as the CEO for AirAsia India.

Revealing the identity of the AirAsia India CEO, he yesterday said the CEO is 32-year-old, Chennai-born Mittu Chandilya, who is currently based in Singapore.

© Copyright 2013