Sharechat Logo

OG Oil & Gas receives regulatory approval for its partial takeover of NZ Oil & Gas

Thursday 14th December 2017

Text too small?

OG Oil & Gas has received approval from the Overseas Investment Office in its partial takeover bid for New Zealand Oil & Gas, one of the final hurdles the oil and gas division of Ofer Global needs to declare the deal done. 

"This approval is a significant moment for our vision to build the future of New Zealand Oil & Gas as its largest shareholder. I am personally very excited about the prospect of having New Zealand Oil & Gas join the Ofer Global family. By working together, we are confident that we will create value for shareholders, the country and the region," said Eyal Ofer, chair of Ofer Global, in a statement. 

OGOG offered 78 cents per share to buy up to 70 percent of NZOG, providing it achieved a controlling 50 percent stake. As of today, OGOG has more than 62 percent of New Zealand Oil & Gas’s fully paid ordinary shares currently on issue, the statement said. 

Earlier this month the Ofer Global unit extended the closing date of its offer to Jan. 8 to allow time to obtain the necessary regulatory approvals. The offer period will remain open until then and remains subject to certain outstanding customary conditions, the statement said. 

“This has been a landmark week for OGOG. First we met the minimum acceptance threshold for our offer and now the OIO has given its approval," said Alastair McGregor, OGOG chief executive. 

OGOG emerged as a rival bid to Zeta Resources, saying it wanted to preserve NZOG's exploration opportunities, especially the Barque prospect off the Canterbury coast. 

Acceptances will be scaled if they go above OGOG's 70 percent upper cap. 

NZOG shares last traded at 71.5 cents and have gained 13 percent this year. 

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar eases on technical factors, buoyed by higher dairy prices
RBNZ eyes Westpac Australia money laundering failures
Heritage buys Golden Healthcare; not mystery Metlife suitor
Alliance margins improve as swine fever boosts global meat prices
RBNZ eyes Westpac Australia money laundering failures
Precinct eyes new developments as Commercial Bay keeps to revised schedule
End to Tower's three year dividend drought in sight
Vital Healthcare's manager appoints new independent director
Argosy lifts first-half profit 15.2% on valuation gains
Metlifecare attracts 'credible' bidder after biggest trading day in 2 1/2 years

IRG See IRG research reports