Pertamina Buys Stake in French Independent
Indonesian state Pertamina completed its acquisition of a 24.53% stake in French independent Maurel & Prom, it was announced late August 25.
The stake represents the entire M&P shareholding held by Pacifico, owned by French businessman and M&P chairman Jean-Francois Henin.
A joint statement by Pertamina and M&P said that the 24.53% stake was valued at €201.2m and noted that the block trade was completed for €4.20/share, on top of which a €0.50/share earn-out is payable if the Brent crude oil price remains above $65/b during 90 consecutive trading days in calendar 2017.
Pertamina said on August 1 that it would offer the same terms to buy the rest of M&P, if the French firm's directors give a "favourable reasoned advice" on such a friendly bid following advice from their independent expert, Ledouble. Such a takeover would put M&P's market value at 100% at about $1bn.
One of the world's largest LNG exporters, Indonesia's Pertamina also has international upstream operations in Algeria, Iraq and Malaysia. M&P has upstream production in Tanzania (gas), Gabon and Nigeria, plus exploration interests in Myanmar, South America and Canada.
Denie S Tampubolon, senior vice president of Pertamina's upstream business development, joins Maurel & Prom's board (Photo credit: Pertamina)
M&P's board accepted Emmanuel de Marion de Glatigny's resignation and appointed Denie S Tampubolon as new director representing Pertamina. He is senior vice president of Pertamina's upstream business development. France's M&P said it will continue to develop its current operations while also functioning as an arm of Pertamina in implementing the latter's international upstream growth strategy.
Tampubolon was quoted by an Indonesian research unit August 24 saying that Pertamina aims to obtain equity rights in its first Russian upstream oil and gas blocks by end-2016 in the framework of an agreement initialed with Russian state Rosneft in May 2016 that included a feasibility study into possible construction of a $14bn oil refinery at Tuban in East Java.
Mark Smedley