The state-owned oil and gas producer PT Pertamina (Persero) has scrapped the acquisition deal on PT Medco Energy Internasional Tbk (MEDC).
Based on the press statement today, Pertamina and Encore Int’l Limited (EIL) jointly advise that the exclusivity period under the Principles of Agreement entered into on October 15 2010 expired on 30 November 2010 without the parties concluding a transaction.
Under the agreement, the parties had agreed to enter into a period of due diligence and exclusive negotiations through to the end of November 2010 for the proposed sale and purchase of a portion of EIL’s shareholding in EEPL, which would have resulted in an indirect shareholding in PT. Medco Energi Internasional Tbk.
Disclosure: No position at the stock mentioned above.
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