Nov. 19, 2013, 3:02 AM
- Cepsa has agreed to buy Houston-based Coastal Energy (CENJF) for C$2.3B ($2.21B) including debt in a deal that will expand the Spanish oil company's exploration and production capabilities in Southeast Asia.
- Cepsa is creating a new entity for the deal, with Strategic Resources Global an investor in the vehicle.
- Cepsa, which is owned by Abu Dhabi's International Petroleum Investment Co, will pay C$19 per share, or a premium of 28% to Coastal Energy's closing price yesterday in Toronto yesterday. (PR)
Sep. 16, 2013, 6:25 PM
- Coastal Energy (CENJF.PK) has received a $2.3B takeover offer from Strategic Resources Ltd., a subsidiary of Hong Kong-based PE firm Jynwel Capital, and Spain's CEPSA, Financial Post reports.
- The offer is believed to equal $20/share, which would represent a premium of nearly 20%, but takeover interest last year from Indonesia's Pertamina fell through because of a disagreement over the price.
Nov. 8, 2012, 2:58 PM
Coastal Energy (CENJF.PK +5.4%) is enticing traders with the prospect of the energy industry’s next bidding war, Bloomberg reports. Indonesian oil producer PT Pertamina reportedly sent a takeover proposal to major Coastal shareholders. Since Coastal operates mostly in the Gulf of Thailand, that nation’s state-controlled PTT could consider an offer.| Nov. 8, 2012, 2:58 PM | 1 Comment