Maurel & Prom wraps tender for Ornanes due 2019, 2021 in PIEP offer

By Susanna Moon

Chicago, Jan. 25 – Maurel & Prom SA announced the results of the tender for the Ornanes due 2019 and Ornanes due 2021 in the offer by PT Pertamina Internasional Eksplorasi dan Produksi (PIEP).

After settlement on Feb. 1, PIEP will hold 6,845,626, or 46.7%, of the Ornanes due 2019 and 3,848,620, or 36.88%, of the outstanding Ornanes due 2021, according to a company notice.

The purchase price is €17.28 per Ornanes due 2019 and €11.05 per Ornanes due 2021, or par plus accrued interest.

The company said on Dec. 2 that its board of directors was recommending that holders tender their Ornanes due 2019 and Ornanes due 2021 in the PIEP offer.

PIEP, a subsidiary of Pertamina, acquired 47,916,026 shares held by Pacifico and representing 24.53% of the capital of Maurel & Prom, for a price of €4.20 per share.

PIEP was offering to purchase the Ornanes at a price per share equal to that paid to Pacifico in the context of the acquisition per Ornane equal to their principal amount plus accrued interest.

After the offer, PIEP also will hold 125,924,574 shares and voting rights of Maurel & Prom, or 64.46% of the share capital and 63.35% of the voting rights, the release noted.

Maurel & Prom is an oil company based in Paris.

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