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Tuesday, 02 December, 2008, 04:20 GMT | more >>

Arc takes Anzon's hand



By Upstream staff 

Anzon Australia has accepted Arc Energy's merger offer, which will see Arc shell out A$708 million (US$638 million) for all of the company's issued shares.

Anzon said Arc was offering a mix of cash and share alternatives, which valued Anzon shares at A$1.87 per share.

The merger concludes the strategic review process announced by Anzon on 27 August after it received a number of approaches.

In an interview with Corporate File, Arc’s managing director Eric Streitberg said Anzon shareholders will hold just over 50% of the merged group.

Streitberg added that the merged company would have an enterprise value of well over A$1 billion, putting in the top tier of the independent oil and gas sector in Australia

“I think the company will be the most exciting independent oil and gas company in Australia and I am delighted we have been able to build it to this point,” he said.


Wednesday, 24 October, 2007, 05:35 GMT  | last updated: Wednesday, 24 October, 2007, 08:08 GMT

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