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Article: Indian oil producer bids on Imperial Energy
- Article from:
- International Herald Tribune
- Article date:
- August 27, 2008
- Author:
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From news reports Reuters, Bloomberg
International Herald Tribune
08-27-2008
Indian oil producer bids on Imperial Energy
Byline: From news reports Reuters, Bloomberg
Edition: 2
Section: FINANCE/BUSINESS
LONDON --
India's state-owned oil producer, ONGC, has agreed to a pound(s)1.4 billion takeover of Imperial Energy, as it works to secure energy to fuel India's booming economy.
Imperial, a London-based oil explorer with a Russian focus, said Tuesday that ONGC's overseas arm, ONGC Videsh, would pay 1,250 pence in cash for each of its shares. The deal, which could be worth the equivalent of $2.6 billion, could double ONGC's proved and probable reserves.
Imperial Energy has not received any other ...