Monday, June 05, 2017 1.34PM / Thisday
Following the successful acquisition of 60 per cent equity stake of Mobil Oil Nigeria Plc by Nipco Investment Limited (NIL) from ExxonMobil Oil Corporation, the company has applied to regulators to acquire additional shares from minority shareholders. The financial transaction, which is being handled by Cordros Capital and Zenith Capital as financial advisers, has been approved by the Securities and Exchange Commission (SEC).
The company explained at the weekend that the takeover bid is in compliance with Part XII, Section 131(1)(a) of the Investment & Securities Act (ISA) of 2007 and Rule 445 of the SEC's Rules & Regulations, which requires NIPCO to make a mandatory takeover bid to all the other shareholders of Mobil Nigeria.
The application for the takeover bid opened on May 30 and it is expected to close on June 29, 2017.
1. Mobil Oil Nigeria Plc - Another IOC Exits Downstream
2. NIPCO Investments Limited Completes N90bn Acquisition of ExxonMobil’s Stake in Mobil Oil Nigeria Plc
3. Nipco Inv. Files Application with SEC for An Authority to Proceed with the Acquisition of MOBIL
4. MOBIL Declares N5.74 bn Profit in Q3 16 Result SP N190.00k
5. Divestment of Shares by ExxonMobil Oil Corporation from Mobil Oil Nigeria Plc
6. Mobil Nigeria Plc Q2 16 - Sturdy sales and rental income buoy higher margins
7. MOBIL Declares N4.42 bn Profit in Q2 16 Result SP N162.00k
8. Mobil Oil Nigeria Plc Records 80% Sales Growth YoY in Q2'16
9. MOBIL Outlook improves in Q1 16 despite product scarcity
10. MOBIL Q1 revenue hits 4-year high
11. MOBIL Declares N1.82 bn Profit in Q1 16 Result SP N155.00k
12. MOBIL: Tough Trading Environment Offset by Real Estate; Maintains Neutral Rating
13. MOBIL: Opex up by 17% in Q4’15 Results; Shares Rated Neutral
14. MOBIL Declares N4.87 bn Profit; Proposes 720k Dividend in 2015 Audited Result,(SP:N156.00k)