Sapura Crest
Sapura Crest
Sapura Crest
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[SECTION] - General News - Finance & Legal [REGION] - Asia [OTHER] - Printable Version
SAPURACREST and Kencana Petroleum have announced an $RM11.85 billion ($A3.68 billion) proposed merger to create one of the worlds largest oil and gas service providers.
The companies received an offer from Integral Key, a special-purpose vehicle set up by investment bank Maybank, to take over the businesses via a cash and share swap. The merger has been planned by Malaysias two largest investment banks, Maybank and CIMB. The deal values SapuraCrest at $4.60 and Kencanna at $3. Maybank called the deal a merger of equals that would create a company with the financial muscle to vie for larger international contracts. According to the Washington Post, the new entity is expected to have a market cap of $11 billion and assets of over $6 billion. If the deal goes through, it is expected to be completed in eight months. The two entities would be removed from the Malaysian bourse and re-registered under a new name. Local supplier Clough confirmed earlier in July that it was in talks with SapuraCrest regarding a potential sale or other deal for its marine construction business. In a statement, Clough said the discussions could result in a sale transaction, cooperation and/or other business arrangement. Whilst the parties continue to make good progress with their discussions, no binding arrangements have been entered into and there is no assurance that any transaction will ultimately be agreed or consummated with SapuraCrest or any other company, the company said. The company told EnergyNewsPremium that negotiations had remained at the same stage despite the takeover talk and they were not aware of any plans on SapuraCrests behalf to pull out of talks on the sale. Cloughs marine construction business recorded a $7.6 million loss in the first half of the 2011 financial year due to low level of activity in the marine construction sector. Click here to read the rest of today's news stories.
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http://www.petroleumnews.net/storyview.asp?storyid=2397324§ionsource=s90&... 20/09/2011
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http://www.petroleumnews.net/storyview.asp?storyid=2397324§ionsource=s90&... 20/09/2011