Published On: Fri, Jan 9th, 2015

Oil firm mull merger with British firm

Seplat Petroleum Development Company

Seplat Petroleum Development Company

LAGOS – SEPLAT Petroleum Development Company has confirmed a possible merger with Afren, the leading British oil firm.

“Seplat  has, in accordance with the  provisions of Section 10 of the Amended Listing Rules of  the Nigeria Stock Exchange, notified the exchange of the announcement by Afren Plc) dated 22 December 2014.

“Seplat confirms that it has made a highly preliminary approach regarding a possible combination with Afren.

“Seplat however notes that there can be no certainty that an offer will be made or as to the terms of any offer,” the NSE said in a statement on Thursday.

According to the NSE, Seplat acknowledged that in accordance with Rule 2.6(a) of the UK City Code on Takeovers and Mergers, by no later than January 19, it must either announce a firm intention to make an offer under Rule 2.7 of the code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the code applies.

 – CAJ News




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