Slow process: Libya holds up Verenex sale
Verenex keeps talking to Tripoli
Canadian player Verenex Energy said today the takeover agreement with China National Petroleum Corporation (CNPC) is still in effect, adding that talks to resolve the impasse with Libyan authorities over the deal are continuing.
In February, Verenex agreed to CNPC's takeover offer of C$10 per share (US$9.3), or C$499 million.
However, Libya baulked at the deal and said it might exercise its right of first refusal and buy Verenex's operations itself.
Reuters quoted Verenex as saying that the Libyan authorities have indicated at they are seeking a lower purchase price than that offered by CNPC.
Verenex is prepared to file for arbitration should it become necessary.
But the two sides are still fully engaged in discussions in a bid to reach an amicable solution, Verenex said.