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Article: Libya : Verenex, Libya aiming to meet deal deadline-sources.
- Article from:
- TendersInfo
- Article date:
- November 5, 2009
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Byline: manish03
Verenex Energy Inc. (VNX.TO: ??) and Libya expect to finalize a deal by Friday to sell the company to a Libyan sovereign wealth fund, but a further delay is not ruled out, sources familiar with the matter said on Wednesday.
The Libyan Investment Authority (LIA) has agreed to pay C$7.09 a share for Verenex, a Canadian oil firm with assets in Libya, in a deal valued at around C$316 million ($297 million). Verenex said in an Oct. 20 statement the parties have until Nov. 6 to sign a definitive agreement.
A source with knowledge of the talks said the parties were hoping to finalize the deal by Friday, but did not rule out the ...