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Indonesia : ACQUISITION of Maurel & Prom Finalized by Pertamina
Publish Date : 30-Aug-2016
The acquisition of French oil and gas company Maurel & Prom is completed by State-owned energy company Pertamina. After buying 47,916,026 units (24.53 percent) of the company's shares from Pacifico Pertamina acquired Maurel & Prom.
In 31 July 2016, the acquisition process started when Pertamina and Pacifico inked an acquisition deal. The takeover of Pacifico's stake in Maurel et Prom was completed on 25 August, with a transaction value of 201.2 million.
Pacifico sold its stake in Maurel & Prom for 4.20 euros per share. However Pertamina must pay an extra 0.50 euro of earn-outs per share, if from 1 January to 31 December 2017 the Brent price goes above US$ 65 a barrel for 90 consecutive trading days.
Pertamina for the acquisition selected Crdit Agricole Corporate and Investment Bank as the executive financial advisor and Hogan Lovells as their legal advisor. In the meantime, BCTG Avocats acted as Pacifico's legal counselor.
In addition, Maurel & Prom's executives are providing their entire shares to Pertamina Internasional Eksplorasi dan Produksi (PIEP). The offering is made through the French stock exchange authority with two schemes. The first is to offer under the same conditions as the deal with Pacifico, and the second scheme is to issue bonds with the same value of the shares plus the interests paid in 2019 and 2021. (Read: Pertamina's First Half Profit Soars 221% on Efficiency Measures)
The offering process is likely to be finished at the end of this year. Maurel&Prom's board of directors have decided to support the offer and intends to recommend the shareholders to tender their shares to Pertamina as well.
Maurel & Prom's board of directors consistent with applicable regulations, will deliver its definitive opinion on the tender offer once it has obtained the fairness opinion from Ledouble, the company's appointed independent expert.
Pertamina Finance Director Arief Budiman said the company has earmarked 1 billion to increase its stake in Maurel & Prom. He added, "It is our entrance to Gabon, Tanzania and African countries that still have a lot of potential.
Maurel & Prom's Board of Directors have in addition selected Denie S Tampubolon to represent Pertamina as the company director.
