ONGC Videsh (OVL), the overseas arm of state-run Oil and Natural Gas Corporation, will make an offer to acquire shares of UK-listed Imperial Energy Corporation at £ 12.50 a share by December 9.
OVL, last week, won the Russian government's approval for taking over Imperial, which has assets in Tomsk region of western Siberia."The formal offer document and acceptance forms are to be posted to Imperial shareholders by December 9," the UK-listed firm said. "All the pre-conditions to the share offer have now been satisfied." It, however, did not give a date for completion of the deal.