Oil Search, InterOil merger facing PNG watchdog scrutiny

Oil Search, InterOil merger facing PNG watchdog scrutiny

Oil Search’s proposed acquisition of InterOil valued at US$2.2 billion could run into problems if the deal does not clear the anti-competition regulatory hurdle.

Papua New Guinea Independent Consumer and Competition Commission’s Paulus Ain told Reuters that the two companies have not yet engaged with the commission to acquire the regulatory approvals.

He noted that blocking the transaction is among the options for ICCC, however, he called on the two companies to seek relevant approvals and an independent assessment of the proposal.

ICCC’s reaction comes following the comments made by an ex InterOil CEO claiming the deal undervalues InteOil.

A spokesperson for Oil Search told Reuters the two companies plan on starting discussions with the PNG watchdog to discuss the issue.

For a reminder, Oil Search last week signed a deal to acquire all of the outstanding shares in InterOil. Under the agreement, InterOil shareholders would receive 8.05 Oil Search shares plus a contingent value right for each InterOil share.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

LNG Bunkering Mediterrean

The only 3-day course offering theoretical and practical training on LNG bunkering designed by the Mediterranean market leaders.   

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >