BackONGC takeover target Imperial Energy says cuts losses
ONGC takeover target Imperial Energy says cuts losses
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London: Imperial Energy, facing a takeover by Indian peer ONGC, said on Friday, 29 August, that it had reduced its losses during the first half of 2008.
The Russia-focused British company said in an earnings release that its net loss stood at $18.9 million (€12.8 million) in the six months to 30 June, compared with a loss after tax of $20.7 million during the first half of 2007.
Indian state-run oil giant ONGC had on Tuesday announced a $2.6-billion deal to buy Imperial Energy as it seeks new fuel sources to power the country’s fast-growing economy.
The bid by India’s biggest oil producer, Oil and Natural Gas Corp (ONGC) for Imperial Energy offered shareholders a 62 percent premium on the stock price on 11 July, the day before the company said it had received a takeover approach.
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