The Nigerian Stock Exchange (NSE) has been notified that Nipco Investments Limited (NIL) has filed a formal application with the Securities and Exchange Commission (SEC) for an “authority to proceed” with the acquisition of ExxonMobil Oil Corporation (EMOC) shares in Mobil Oil Nigeria Plc.
This development is further to Mobil Oil Nigeria Plc communication on October 19 where it disclosed that ExxonMobil Oil Corporation, its major shareholder, had executed a sale and purchase agreement with Nipco Investments Limited for the acquisition of EMOC’s entire 60 per cent equity ownership in Mobil Oil Nigeria Plc.
The acquisition of EMOC’s 216,357,157 ordinary shares in Mobil Oil Nigeria Plc will be for the consideration of $300million subject to price adjustment for dividends and other factors.
“We have received notice from EMOC that a formal application has been filed today by Nipco Investments Limited with Securities and Exchange Commission”, Mobil Oil Nigeria Plc said Tuesday, November 29 in a letter to the Nigerian Stock Exchange signed by its chairman/managing director, Adetunji Oyebanji.
“In light of this filing EMOC has consequently advised us of the following material commercial information relating to the proposed acquisition,” Mobil Oil Nigeria Plc said.