Nipco acquires 60% stake in Mobil for $301 million

 

 
Mobil Oil Nigeria Plc has said Nigeria’s Nipco Investments Limited is offering $301million for 60 per cent of Exxon Mobil Oil Corporation (EMOC) shares to become the new controlling shareholder in the company.
According to a statement sent to the Nigerian Stock Exchange (NSE) signed by Chairman/Managing Director, Mobil Oil Nigeria Plc, Adetunji Oyebanji, the amount offered by Nipco Investments Limited will enable it own about 217 million units of shares formerly owned by EMOC, largest equity holder in the oil firm.
Oyenbanji disclosed that Nipco Investments Limited has filed a request for an ‘Authority to Proceed’ with the deal to the Securities and Exchange Commission (SEC) on Tuesday. Mobil Oil Nigeria Plc first informed the Nigerian Stock Exchange (NSE) of the intention of Nipco to acquire the shares of EMOC on October 19, 2016.
The statement, however, added that the acquisition of EMOC’s N216,357,157 ordinary shares in Mobil Oil Nigeria Plc for $301million is subject to price adjustments for dividends and other factors.