IOC-OIL may hike £400-mn bid for Gulfsands - Economic Times

NEW DELHI: State-owned Indian Oil and Oil India may hike their combined takeover offer for the Middle East-focused oil firm Gulfsands Petroleum after the UK-based firm rejected their £400-million bid. “Yes, I can confirm that IOC-OIL combine did make an offer for Gulfsands Petroleum,” a source closely linked to the transaction said. “The offer was in the range of £400 million,” he said. The Syria-focused oil explorer on Friday said it had rejected an unsolicited offer by a company it did not identify, for being too low.

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NEW DELHI: State-owned Indian Oil and Oil India may hike their combined takeover offer for the Middle East-focused oil firm Gulfsands Petroleum after the UK-based firm rejected their £400-million bid. “Yes, I can confirm that IOC-OIL combine did make an offer for Gulfsands Petroleum,” a source closely linked to the transaction said. “The offer was in the range of £400 million,” he said. The Syria-focused oil explorer on Friday said it had rejected an unsolicited offer by a company it did not identify, for being too low. “The board is unanimously of the view that the proposal is wholly inadequate and materially undervalues the company,” Gulfsands said in a statement. “The rejection does not mean the transaction has fallen through. They (IOC-OIL) can raise the offer, which they should, but the two companies are yet to put their heads together on the issue,” the source said.

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Gulfstone, which has oil properties in Syria and the Gulf of Mexico, produces 14,000-17,000 barrels of oil per day. IOC-OIL have teamed up for acquiring overseas assets and share cost and investment in 50:50 ratio.

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