Joma Industrial to buy the rest of C. A.T. oil AG, for $925 mn

Joma Industrial Source Corp Oil, run by ex Schlumberger veteran Maurice Dijols, yesterday offered to buy the rest of German-listed oil and gas field service contractor C.A.T. oil AG, for around €744 million ($925 million).

Joma has offered to pay €15.23 per share in cash to the weighted average stock price of C.A.T. oil for the last three months, a day before when Joma announced that it had acquired a controlling stake.

Joma had announced on 31 October 2014 that it had acquired an indirect 47.7 per cent controlling interest in C.A.T. oil AG on 27 October 2014, and the acceptance period for the current mandatory offer ends on 8 January 2015.

''With this offer, I want to stress my intention to secure the future of C.A.T. oil in its traditional markets, also together with the current holders of the free floating shares, and to acquire new potentials in the interest of the company, its employees, customers and shareholders, said Joma in a statement.

Vienna-Austria-based C.A.T. oil said that it will carefully evaluate the mandatory public offer with the support of advisors and publish its conclusions within the next two weeks.

C.A.T. oil is one of the leading providers of oil and gas field services like boosting productivity of wells via hydraulic fracturing, also known as fracking, to customers in Russia and CIS.

Its clients include Lukoil, Rosneft, Gazprom, Kazmunaigas and several smaller oil & gas producing companies.