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India gives ONGC go ahead for Imperial offer
MUMBAI - India has allowed state-run Oil and Natural Gas Corp to go ahead with a $2.6 billion bid for Russia-focused Imperial Energy, the Press Trust of India reported on Tuesday citing unnamed sources.
The decision to make an open offer to the shareholders of the London-based oil explorer was taken at a federal cabinet panel meet chaired by Prime Minister Manmohan Singh, the news agency said.
It said Oil Minister Murli Deora declined to confirm the development. ‘We will let you know in due course,’ the news agency quoted Deora as saying after the meeting.
ONGC Videsh, the overseas unit of ONGC, which is required to post the offer by midnight on Tuesday, was denied an extension by British regulator The Takeover Panel. [ID:nL8243979]
Sources close to the matter told Reuters on Monday advisors were working hard to finalise the paperwork.
Earlier the Economic Times, citing an unidentified person, had said the state-run Indian firm would meet the deadline for making an open offer to the shareholders of Imperial.
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