Heritage shareholders back $1.5bn takeover

The Qatari-led cash acquisition of London-listed Heritage Oil moved closer to completion after the explorer’s shareholders backed the deal.

In April, the Energy Investments Global vehicle of Al Mirqab Capital- which is indirectly owned by Qatari ruler Sheikh Hamad bin Jassim bin Jabor al Thani and his family - offered £924 million, or $1.57 billion, for the company.

More than 95% of Jersey-registered Heritage Oil’s shareholders voted to back the scheme of arrangement, which was priced at £3.20 per share, in three separate votes on Monday.

Africa-focused Heritage Oil said it now expected a court meeting to sanction the scheme to be held on Friday after which the deal would become final.

Chief executive Tony Buckingham is to remain a 20% shareholder and hold a boardroom seat under the proposed acquisition.

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