M&P Board OKs Pertamina Offer

The board of French independent Maurel & Prom on December 2 formally delivered its ‘reasoned opinion’ to shareholders in favour of Pertamina’s takeover of the rest of the company.

Pertamina already acquired 24.53% of M&P in August from Pacifico, a holding owned by M&P's chairman Jean-Francois Henin.

M&P’s board said it was now giving its formal advice in favour, after having received a necessary antitrust approval on November 28 2016 from authorities in Tanzania, where M&P operates the Mnazi Bay gas field. The board received indepedent advice from the consultancy Ledouble.

Denie S Tampubolon, senior vice president of Pertamina's upstream business development, who joined Maurel & Prom's board in August (Photo credit: Pertamina)

Mark Smedley