Today Verenex executives received a jolt of confidence that they will get what they hoped for: Libya to buy all of the company they founded in 2004, not just its Libyan assets.
After several hints, Shokri Ghanem, Libya’s oil minister, told Reuters his intentions to buy all Verenex shares, thus scuppering CNPC’s near C$500m offer for Verenex by exercising his pre-emption rights.
After opening its data rooms last autum, Verenex Energy in February said China National Petroleum Corp. had agreed to buy the company for Canadian $10 a share, a 28 per cent premium. Mr Ghanem is offering the same terms to knock China’s latest attempt to secure reliable future oil supplies.
