Indonesia’s state-owned oil company, Pertamina, is preparing a takeover bid for Coastal Energy Company, Financial Post yesterday reported.
The newspaper claims it has received a document which says that Pertamina is willing to pay a 15% premium to Coastal’s share price, the bid which values the oil and gas exploration & production company at $2.6-billion.
In response to these writings, Coastal today issued a statement in which it says that it “continuously evaluates strategic alternatives, including but not limited to the potential sale of the Company, to maximize shareholder value.”
“However, there can be no assurance that any transaction will occur,” Coastal concluded.
Coastal is an international oil and gas exploration and production company with assets in Thailand and Malaysia.
Offshore Energy Today Staff, November 7, 2012