OG Oil & Gas makes yet another purchase bid for NZOG company
Date: 2017-12-05   Author: Dhananjay Punekar  Category: #market

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


Dhananjay Punekar

Dhananjay Punekar

Dhananjay currently works as a content writer at AlgosOnline. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted fo...

Read More

More from Dhananjay


Post Recommendents

Display Market Anticipated to grow significantly in the next six years
Author: Ronak Bora

Global Display Market set to reach USD 20 billion by 2024. The rapid proliferation of devices such as smart ATMs, intelligent interactive k...


Global metallic pigment market By key industry players Clariant, BASF, Silberline, Toyo Aluminum K.K., Altana, Sun Chemical, and Carl Schlenk
Author: Sunil Hebbalkar

The rising number of infrastructure development projects demanding the necessity of high quality paints, pigments, and coatings will reportedly drive metallic pigment market. Changing consumer lifestyles and rapid indu...


X-Ray Security Screening System Market projected to experience a healthy growth by 2024
Author: Ronak Bora

X-Ray Security Screening System Market set to reach over USD 3 billion by 2024. Increasing occurrences of terroristic activities across the world and government initiatives to modernize airport security systems is aidi...