Oil India, IOC won’t bid for Gulfsands Petroleum
State-run Oil India and refiner Indian Oil Corp on Thursday denied reports that they were still considering an offer for Syrian-focussed oil explorer Gulfsands Petroleum. On Wednesday agencies reported comments from Oil India’scChairman N M Borah saying the companies’ were still interested in Gulfsands.
It is not a closed chapter. A number of possibilities can come up. Gulfsands is very much on our radar,” Borah told reporters at a press conference.
Oil India and IOC withdrew a 315 pence per share approach, which had valued Gulfsands at US $548 million in May after their request to conduct due diligence was turned down by Gulfsands which dismissed the offer as “wholly inadequate”.
The companies had been asked by Britain’s takeover watchdog to submit a bid by 11 May or walk away for a minimum of six months. However, they agreed they can return with an offer within the six month period if a rival bid materialises.
Reuters
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