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20 September 2011

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SapuraCrest, Kencana in billion dollar merger talks

Friday, 15 July 2011

James McGrath 

SAPURACREST and Kencana Petroleum have announced an$RM11.85 billion ($A3.68 billion) proposed merger to create one of the world’s largest oil and gas service providers.

The companies received an offer from Integral Key, a special-purpose vehicle set

up by investment bank Maybank, to take over the businesses via a cash andshare swap.

The merger has been planned by Malaysia’s two largest investment banks,

Maybank and CIMB.

The deal values SapuraCrest at $4.60 and Kencanna at $3.

Maybank called the deal a merger of equals that would create a company withthe financial muscle to vie for larger international contracts.

According to the Washington Post , the new entity is expected to have a marketcap of $11 billion and assets of over $6 billion.

If the deal goes through, it is expected to be completed in eight months. The twoentities would be removed from the Malaysian bourse and re-registered under a

new name.

Local supplier Clough confirmed earlier in July that it was in talks with

SapuraCrest regarding a potential sale or other deal for its marine constructionbusiness.

In a statement, Clough said the discussions could result in a sale transaction,

cooperation and/or other business arrangement.

 “Whilst the parties continue to make good progress with their discussions, no

binding arrangements have been entered into and there is no assurance that any

transaction will ultimately be agreed or consummated with SapuraCrest or anyother company,” the company said.

The company told EnergyNewsPremium that negotiations had remained at thesame stage despite the takeover talk and they were not aware of any plans on

SapuraCrest’s behalf to pull out of talks on the sale.

Clough’s marine construction business recorded a $7.6 million loss in the firsthalf of the 2011 financial year due to low level of activity in the marine

construction sector.

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Page 2 of 2EnergyNewsBulletin.net - SapuraCrest, Kencana in billion dollar merger talks

20/09/2011http://www.petroleumnews.net/storyview.asp?storyid=2397324&sectionsource=s90& ...