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Wednesday, 20 July 2016
Inter Oil May Be In Play With Exxon Moble Bid
The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. ExxonMobil Corp has made a bid worth at least $2.2 billion for Papua New Guinea-focused InterOil Corp ( IOC.N ), winning the support of InterOil and topping an offer from Oil Search Ltd ( OSH.AX ), Oil Search said on Monday. ExxonMobil’s move pits it against French giant Total SA (TOTF.PA ), which is backing Oil Search’s offer with an agreement to buy part of InterOil’s stake in the potentially lucrative Elk-Antelope gas field. Oil Search has at least until July 21 to submit a revised offer and said it was talking to Total about making a higher bid. “The parties are in active dialogue and have the flexibility to submit a revised offer either during the three day notice period or […]
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