ONGC Videsh to Buy Imperial

August 2008 | Top Stories

Indian state-run petroleum and exploration giant Oil and Natural Gas Corporation (ONGC) has agreed to buy leading Russia-focused oil explorer Imperial Energy, as part of its continuing attempts to secure the energy supplies that represent an essential pre-requisite of India's continued economic growth. The GBP12.50-per-share offer by ONGC Videsh(OVL), ONGC's international arm, represents a 61.9% premium to Imperial's share price on July 11, the day before Imperial first announced an approach. At the time, Imperial said it was in discussions with ONGC over a bid of GPB12.90 per share. Since then, however, falling energy prices have made valuations on ONGC

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