Petron Oil & Gas International Sdn Bhd to acquire remaining shares of Esso Malaysia Berhad

Petron Oil & Gas International Sdn Bhd (Petron International), an offshore affiliate of Petron Corporation, has served on the Board of Directors of Esso Malaysia Berhad (EMB) a notice of a mandatory take-over offer to acquire the remaining 94,500,000 shares representing approximately 35% of total voting shares of EMB. The indicative cash offer price is RM 3.50 per share. The mandatory take-over was triggered by Petron International's acquisition of 175,500,000 EMB shares, representing 65% of the voting shares of EMB. The other reason is that it was also required under the laws of Malaysia governing listed corporations. Such acquisition was assigned by San Miguel Corporation to Petron International on January 25, 2012. - https://www.affordablecebu.com/