Singapore’s OGOG has received regulatory approval its partial takeover offer for New Zealand Oil & Gas.
New Zealand’s Overseas Investment Office has given its consent under the Overseas Investment Act 2005 and Overseas Investment Regulations 2005. It follows separate consent from New Zealand Petroleum & Minerals and satisfies a further key condition of OGOG’s offer.
OGOG has so far received acceptances under its partial takeover offer which, together with its current shareholding, total more than 62% of New Zealand Oil & Gas’s fully paid ordinary shares currently on issue.
Eyal Ofer, Chairman of Ofer Global, and the owner of OGOG, said: “This approval is a significant moment for our vision to build the future of New Zealand Oil & Gas as its largest shareholder. I am personally very excited about the prospect of having New Zealand Oil & Gas join the Ofer Global family. By working together, we are confident that we will create value for shareholders, the country and the region.”
Alastair McGregor, Chief Executive of OGOG, said: “This has been a landmark week for OGOG. First we met the minimum acceptance threshold for our offer and now the OIO has given its approval. To have received the support of both shareholders and the New Zealand government is gratifying and reinforces our belief that we have the right vision for New Zealand Oil & Gas.”
OGOG is offering to acquire up to 67.55% of the New Zealand Oil & Gas shares it does not already hold or control at a price of 74 cents per fully paid share.1 The offer period will remain open until 8 January 2018.