Pertamina's M&P Takeover Goes to Plan

Indonesian state gas giant Pertamina has announced the successful outcome of the tender offer by its international exploration subsidiary PIEP for all shares in French independent Maurel & Prom that it did not already own.

In a joint statement with the French firm, Pertamina said the results of the offer were published in full January 25 by French financial regulator, Autorite des marches financiers.

Upon settlement-delivery of the offer on February 1 2017, PIEP will hold shares equivalent of 64.46% of M&P share capital and 63.35% of its voting rights. 

Pertamina already acquired 24.53% of M&P in August from Pacifico, a holding owned by M&P chairman Jean-Francois Henin, and gained a seat on its board. The M&P board gave its full approval for Pertamina's takeover of the company on December 2.

M&P has upstream production in Tanzania (gas), Gabon and Nigeria, plus exploration interests in Myanmar, South America and Canada. The takeover puts its enterprise value at roughly $1bn.

Mark Smedley