Indonesian independent Medco is set to complete its takeover of London-listed Ophir Energy later this month after securing a key approval from Tanzanian authorities.
Medco recently raised its offer for the UK company to £408.4 million ($539.7 million) following interest from rival Coro Energy, based on a price of 57.5 pence per share.
Ophir disclosed in an update late last week that parties to the transaction have now gained the required consent from Tanzania’s Fair Competition Commission to satisfy a key condition of the acquisition deal.
