Sector News

Spain’s CEPSA-led group proposes takeover of explorer Salamander

November 17, 2014
(Reuters) – A consortium led by Spain’s Compania Espanola de Petroleos (CEPSA) has proposed a takeover of London-listed oil explorer Salamander Energy.
Under the proposal the consortium, which also includes a subsidiary of Hong Kong private equity firm Jynwel Capital, is proposing to pay 121 pence in cash for each Salamander share and one contingent value right of up to 24 pence per share, Salamander said on Friday.
Shares in the southeast Asia-focused energy firm were trading 21 percent higher at 117 pence at 1641 GMT.
Salamander, which drills for oil in Indonesia and Thailand, has also received a conditional proposal from Ophir Energy .
The CEPSA-led consortium has made its proposed offer on the condition that Salamander cancels a deal it struck with Malaysia’s SONA Petroleum Berhard in July, selling a 40 percent interest in two Thai oil fields. (Reporting by Karolin Schaps in London and Abhiram Nandakumar in Bangalore)

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