Oil and Natural Gas Corporation (ONGC) is mulling a takeover of the US-listed oil firm, Transmeridian, that has 211-million-barrel reserves in Kazakhstan.
Transmeridian is listed on the AMEX Stock Exchange and independent valuers put its value at over $1.5 billion.
Transmeridian has been on the radar of ONGC Videsh Ltd (the overseas investment arm of ONGC) for sometime now. The company has done preliminary due diligence and it is expected to take a decision anytime now, industry sources said.
The sources said as per the US law OVL had two options to takeover Transmeridian — make offer directly to company shareholders for purchase of shares or make a merger proposal under which 100 per cent of the company is acquired with board and shareholder approving the OVL’s offer.
(Source: Business Standard)
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