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Range Resources Mulls Changes To International Petroleum Merger

Range Resources (ASX: RRS) is considering a number of corporate alternatives to its proposed merger with International Petroleum after the latter entered into binding term sheets to sell its Kazakhstan and Russia assets for US$60 milllion.

The company had on 24 April proposed a merger with IP that would have taken the form of an off-market takeover offer by Range.

Range also provided a US$8 million secured loan provided to International Petroleum.

While IP's plans to sell the Russian assets were known to and supported by the Range board, the final terms of the proposed transaction, and the sale of the Kazakhstan Assets have only now been defined.

This is expected to change IP's focus to its African assets leading Range to consider its options.

Should the merger proceed, it noted that the terms would be renegotiated.

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