Indonesia’s Pertamina Withdraws Coastal Takeover Bid

Indonesia's Pertamina Withdraws Coastal Takeover Bid

Indonesia’s state oil company Pertamina is no longer interested in buying Coastal Energy company, The Jakarta Post has reported.

The company was willing to pay to pay a 15% premium to Coastal’s share price, according to the Financial Post. The bid valued Coastal at $2.6-billion, but Coastal shareholders refused the offer as too small.

Karen Agustiawan, the president and CEO of Pertamina, explained the reasons for withdrawal of the takeover offer: “Although the assets are good, the purchase price is too high and do not match the value of the assets.”

Coastal is an international oil and gas exploration and production company with assets in Thailand and Malaysia.

The company on November 6, 2012 confirmed it was in negotiations with Pertamina, but also said there can be no assurance that any transaction would occur.

 

Offshore Energy Today Staff,November 21, 2012

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply