Pertamina Still Keen for M&P

Pertamina’s wholly-owned international upstream arm PIEP confirmed late November 3 its intention to launch a voluntary tender offer, under the terms and conditions already announced on August 25, for the rest of French independent Maurel & Prom (M&P).

M&P said that the offer calendar is being finalised, pending the receipt of an antitrust approval from Tanzania. It added that relevant filings have been made with the Tanzanian Competition Authorities on September 2, 2016.

Denie S Tampubolon, senior vice president of Pertamina's upstream business development, joined Maurel & Prom's board in August (Photo credit: Pertamina)

M&P said August 25 that PIEP had bought an initial 24.53% stake in M&P, held by French businessman Jean-Francois Henin’s Pacifico holding.

Indonesian state-owned Pertamina had said on August 1 that it would offer the same terms to buy the rest of M&P, if its board backed the idea. The ongoing acquisition puts M&P’s value at 100% at about $1bn.

Mark Smedley