Petronas launches hostile bid against Mauritanian

Taken from a UK website. The Malaysian national oil company Petronas has launched a hostile opportunistic bid for South African oil explorer Energy Africa. EA recently bought a 20% stake in Mauritania offshore block 2. Petronas would have a 48.8% stake in the block if they acquired HDR, surpassing WPLs 48%.


flyingbull:

Red hot news (see copy below) from the Energy Africa's web site www.energyafrica.com. Mauritannia offshore block 2 is part of its' portfolio.

Wonder how the shorters are feeling!

All imho.

---------------------------------------------------------

Energy Africa issues Cautionary Announcement in relation to Petronas Firm Intention Announcement
The board of Energy Africa Limited ( Energy Africa ), excluding the Engen-appointed directors (Dato M Idris Mansor, George B D Paul and Tunku M Fawzy b. Tunku Muhiyiddin), has noted the announcement by Petronas International Corporation Ltd ( Petronas ) of its intention to make a cash offer to acquire the entire issued share capital of Energy Africa not owned by Engen Limited at a price of ZAR43.75 per share ( the Offer ).

Energy Africa regrets that Petronas did not approach Energy Africa to have any discussions regarding this Offer prior to its public announcement.

Energy Africa believes that the Offer does not fully value the Company.

Energy Africa has retained Rothschild to advise it on the offer and how the offer affects holders of all securities in Energy Africa. Merrill Lynch are stockbrokers and sponsor to Energy Africa.

Energy Africa will advise shareholders of its views on the Offer, once a formal offer document from Petronas has been issued and Energy Africa has had the opportunity to consider the full details of the Offer.

Shareholders are advised to exercise caution when dealing in the securities of Energy Africa.

Press Enquiries: Energy Africa - Rhidwaan Gasant, +27 21 400 7600.
Topics: Merger / Acquisition Countries: South Africa
Industries: Oil And Gas Industry
Ref. Number: Company news item Contact E-mail Address: YES
Date Posted: 06.Sep.2002 10:28:00 [GMT+2:00] Expiry Date: 01.Sep.2012