Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

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

Chronicle:

ESSAR ENERGY: FORCED TAKEOVER
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

ESSAR ENERGY: FORCED TAKEOVER
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

ESSAR ENERGY: FORCED TAKEOVER
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

ESSAR ENERGY: FORCED TAKEOVER
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

All Publications »