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India ONGC all set to Takeover Imperial Energy

Author Name: Neha Dhamija



After facing a denial by the British regulator to extend the time limit in which offer documents must be made to the shareholders, India ‘s Oil and Natural Gas Corporation (ONGC) is considering to go for a $2.6 billion takeover of Imperial Energy.

According to a report published in Economic Times on Tuesday, ONGC will meet the deadline set for the open offer to the shareholders of Imperial Energy, the Russia-focused oil exploration company. A meet of the Indian Cabinet is expected to take place today, to authorize ONGC to go through with the takeover deal.

ONGC Videsh, the wholly owned subsidiary company of ONGC which handles the overseas operation, had applied for the extension in time, but the British Regulator Takeover Panel had rejected the request appeal. On Monday, ONGC said it is aware of the whole situation and it will finalize the paperwork as soon as possible.
 
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