Culled—Proshare

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.