Mumbai: India’s Oil & Natural Gas Corp will go ahead with its $2.6 billion takeover of Imperial Energy after a British regulator denied its request for an extension, the Economic Times reported on Tuesday, citing an unidentified person involved in the deal.
The state-run Indian firm will meet the deadline for making an open offer to the shareholders of the Russia-focussed oil explorer, the paper said.
The Indian cabinet is expected to meet on Tuesday morning to authorise ONGC to go ahead with deal, the paper said.
ONGC officials could not be reached for comment immediately.
British regulator The Takeover Panel said ONGV Videsh, the overseas unit of ONGC, had applied for extension in the time by which it must post its offer document to shareholders. The panel said it denied this request and an appeal.
ONGC on Monday said it was aware of its obligation to post the offer document by midnight on 9 December and sources close to the matter said advisors were working hard to finalise the paperwork.