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2014-04-27 19:26:00

ESSAR ENERGY: FORCED TAKEOVER

ESSAR ENERGY: FORCED TAKEOVER

Minority investors in Essar Energy have appealed to the Indian and British governments to intervene to head off a forced takeover by its majority owner at a price they say undervalues the company.

Essar Energy is listed in London but remains 78 percent-owned by Essar Group, an Indian conglomerate controlled by the Ruia family, which has offered 70 pence per share for the 22 percent of Essar Energy it does not own.

Other Essar Energy shareholders and independent directors say the figure is too low - but because the majority owner controls more than 75 percent of the shares it is in a position to push through the delisting regardless.

Robert Hingley, director of investment affairs at the Association of British Insurers, wrote to India's High Commissioner in London and British business minister Vince Cable about the matter on April 23. Copies of Hingley's letters were released to the media on Sunday.

Hingley said the forced delisting of Essar Energy would cause "real damage to the integrity of the UK market and to the reputation of Indian companies more generally."

The minority shareholders have also hired U.S. law firm Skadden Arps to advise them. Essar Energy and its majority owner have so far declined to comment on the moves taken by investors unhappy with the delisting plan.

Essar Energy owns power and oil assets in India and operates Britain's second-biggest oil refinery, Stanlow, in northwest England.

Since it listed in London nearly four years ago, the company has faced a string of problems, including slow growth in its Indian operations, delays in getting coal licences, a tough tax regime in India and a fall in margins at Stanlow.

reuters.com

 

 

Tags: ESSAR, UK, INDIA
ESSAR ENERGY: FORCED TAKEOVER September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

ESSAR ENERGY: FORCED TAKEOVER September, 20, 09:00:00

GAS PRICES UP TO $3.146

ESSAR ENERGY: FORCED TAKEOVER September, 20, 08:55:00

ЦЕНА URALS: $51,81591

ESSAR ENERGY: FORCED TAKEOVER September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

ESSAR ENERGY: FORCED TAKEOVER September, 20, 08:45:00

RENEWABLE'S FUTURE

ESSAR ENERGY: FORCED TAKEOVER September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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ESSAR ENERGY: FORCED TAKEOVER
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

ESSAR ENERGY: FORCED TAKEOVER
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

ESSAR ENERGY: FORCED TAKEOVER
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

ESSAR ENERGY: FORCED TAKEOVER
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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