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(interaksyon) -- Petron Corp. announced on Monday that
its oil and gas affiliate completed the acquisition of the downstream oil unit
of ExxonMobil in Malaysia.
The Philippines' biggest oil refiner and retailer told the Philippine Stock
Exchange that Petron Oil and Gas International (POGI) Shd Bhd. completed the
purchase of a 65 percent stake in Esso Malaysia Berhad (EMB), 100 percent of
ExxonMobil Malaysia Sdn Bhd, and 100 percent of ExxonMobil Borneo Sdn Bhd for
USD577.3 million.
POGI bought 175 million common shares of EMB from ExxonMobil International
Holdings Inc. for USD195.12 million. The Petron unit also has to undertake an
unconditional mandatory takover for the remaining EMB shares that it does not
yet own. For this exercise, POGI is offering 3.59 ringgit for each ofer share as
set out in the offer on March 16.
"The final vendor price is also the highest price per EMB share paid by POGI
within six months prior 16 March 2012, being the date of notice," Maybank
Investment Bank Berhad, the transaction's arranger, disclosed. |
