Sector News

CEPSA says no longer interested in buying Salamander Energy

November 18, 2014
News
(Reuters) – A consortium led by Spain’s Compania Espanola de Petroleos (CEPSA) said on Monday it was withdrawing from the bidding to acquire oil firm Salamander Energy , reducing the competition for rival suitor Ophir .
 
CEPSA said that after holding talks with Salamander, the consortium, which includes Strategic Energy (Global), had decided not to proceed.
 
“CEPSA and SEG have now decided that they have no intention of making an offer for the company,” CEPSA said in its statement.
 
Salamander, which drills for oil in Indonesia and Thailand, received a conditional proposal from Ophir Energy in October.
 
Under UK takeover rules, bidders have until Nov. 24 to make clear their intent either to make a firm offer for the company or to walk away.
 
The CEPSA-led consortium had made its proposed offer on the condition that Salamander cancelled a deal it struck with Malaysia’s SONA Petroleum Berhard in July, selling a 40 percent interest in two Thai oil fields.
 
(Reporting by Sarah Young; Editing by Michael Urquhart)

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