Petronas of Malaysia Raises MISC Takeover Price

Petronas of Malaysia Raises MISC Takeover Price

Petronas of Malaysia raised the offer price to take over LNG tanker operator MISC Bhd in a deal valued at 9.2 billion ringgit ($3 billion).

We refer to the press notice dated 5 April 2013 in relation to the offer wherein it was announced that the offer price for each Offer Share has been increased from RM5.30 to RM5.50 and the Revised Offer shall remain open for acceptances up to 5.00 p.m. (Malaysian time) on 19 April 2013,” Petronas said in a statement.

MISC, as a 62.67% owned subsidiary of PETRONAS, is an important part of PETRONAS’ integrated business and the prevailing industry backdrop and uncertain global economy have made efforts to sustain and transform the business of MISC challenging. The Offer represents a significant step by PETRONAS to take MISC private and obtain full control of the Company that will provide PETRONAS with greater flexibility in deciding MISC’s strategic direction,” Petronas stated recently.

MISC operates one of the world’s biggest fleets of LNG carriers.

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LNG World News Staff, April 05, 2013; Image: MISC