IOC loses race to acquire Maurel and Prom's stake in Congo

24 March 2007

IOC and OIL had offered approximately $1.5 billion, which is $66 million more than the existing offer made by ENI of Italy.

The bid was placed through Burren Energy of the UK.

ENI is a minority partner in Congo assets and holds pre-emptive rights.

According to sources, Burren had previously shown sufficient interest in IOC-OIL`s offer and was considering to use its pre-emptive rights to help the Indian companies to acquire M&P's stake.

As per the proposal, Burren was expected to block an existing agreement between M&P and ENI for transfer of interests at a total consideration of $1.434 billion.