OG Oil & Gas makes yet another purchase bid for NZOG company

Date: 2017-12-05   Author: Saipriya Iyer  Category: #market

OG Oil & Gas makes yet another purchase bid for NZOG company

OG Oil & Gas, an oil & gas division of Ofer Global, has apparently prolonged its partial acquisition bid of New Zealand Oil & Gas (NZOG) firm yet again, stating that the deal requires more time to secure approval from the regulatory bodies. According to reliable sources, the oil & gas segment of Ofer possesses over 43% of shares of the Wellington-based firm, but requires more than 50% of the company’s ownership to seek the approval for its proposal to partially buy out the latter.

Apparently, OG Oil & Gas (OGOG) had declared long since, that it plans to extend the date of its acquisition bid by eleven days. According to the key officials of the firm, the requirement for approvals from the rightful authorities, including Overseas Investment Office Consent had resulted in the delay in the proposal for partial buyout.

The newly elected labor party in New Zealand is expected to set stricter regulations for the overseas asset purchasers in the country, cite sources. Further on, the government is all set to forbid the purchase of current residential housing and rural land expansion by foreign investors through OIO (Overseas Investment Office) approval.

Sources have cited that OGOG has made another offer to New Zealand Oil & Gas company for acquiring 67.55% of its stocks, which the latter does not hold, at 78 cents per share. It has been claimed that the independent directors of NZOG are trying to convince the owners to accept the new proposal. As of now, it is yet to be seen if NZOG accepts the revised proposal for partial acquisition. As per experts, if the acquisition bid is as successful as expected, this strategic move will certainly boost the development of the oil & gas sector in the New Zealand.



About Author


Saipriya Iyer linkdin-boxtwitter

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

Read More

Post Recommendents

Endovascular Aneurysm Repair (Evar) Stent Grafts Market Report Till 2025 | Industry Analysis & Forecast

Author: Sachin Pashte

Global Endovascular Aneurysm Repair (Evar) Stent Grafts Market 2020 Includes Market Size, Share, Trends, Growth, Demand, Supply, Application, Segmentation, Opportunity, Market Development, Production, Capacity Utilization, Supply, Analysis and For...


Air Cargo Screening System Market Size, Share, Statistics, Demand and Revenue, Forecast 2025

Author: Sachin Pashte

The latest trending report Global Air Cargo Screening System Market to 2025 available at MarketStudyReport.com is an informative study covering the market with detailed analysis. The report will assist reader with better understanding and decision...


Imipenem and Cilastatin Sodium Market: Business Opportunities, Current Trends and Industry Analysis by 2020 - 2025

Author: Sachin Pashte

This report studies the Global Imipenem and Cilastatin Sodium market status and outlook of global and major regions, from angles of players, regions, product types and end industries; this report analyzes the top players in global and major region...