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Petron unit completes acquisition of ExxonMobil's Malaysian arm

April 03/2012

(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.
Author:Anna Larionova
Category:General News
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