India is thirsting for oil, and India's Oil & Natural Gas Corp. knows it. Hoping to profit from the demand, ONGC made a £1.4 billion ($2.58 billion) offer
for Russia-focused oil explorer Imperial Energy plc.
Continue reading below
ONGC is offering 1,250 pence cash per Imperial share. The price is below the 1,290 per share price that Imperial made public last month, before a decline in world oil prices eroded the notional value of its reserves. But it is 62% above Imperial's closing share price July 11, just before it announced the takeover proposal. ONGC is also buying out Imperial's convertible bonds for £60,367.53 in cash for each $100,000 held in convertible bonds, with the £1.4 billion price tag equating to the fully diluted value of the offer. - Reneee Cordes
See TheDeal.com: ONGC agrees to buy Imperial Energy (see full story - subscription required)
