Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
COSL's offer for acquisition of AWO to be completed within two weeks
+ -
08:58, September 19, 2008

 Related News
 COSL shareholders agree to acquisition of Norway's AWO
 China's M&A market grows 225% in 2Q, consulting firm finds
 COSL offers $2.5b to buy Norway firm
 COSL offers to acquire Norway's oil service company for 19.5 bln HKD
 Credit crisis may spark more M&As in China
 Comment  Tell A Friend
 Print Format  Save Article
China Oilfield Services Ltd. (COSL) announced on Thursday its offering to buy Norway's Awilco Offshore ASA (AWO) for 12.7 billion kroner (2.49 billion U.S. dollars) had been approved by Chinese securities regulators and the deal's settlement would take place within two weeks.

So far, COSL has received all approvals required from relevant Chinese authorities and has met all required conditions for completion of the offer, said the company.

COSL, the listed arm of the China National Offshore Oil Corporation (CNOOC Group), the country's biggest offshore oil producer, announced in early July that the company would pay 85 kroner in cash per share for the Norway-based operator of oil and gas rigs through its 100 percent owned Norwegian limited liability company COSL Norwegian AS.

COSL got approval from its shareholders at the extraordinary general meeting held in August as well as acceptance representing 98.82 percent shares in AWO.

Related Chinese authorities including the National Development and Reform Commission, the State Administration of Foreign Exchange, the State-owed Assets Supervision and Administration Commission and the Ministry of Commerce have also given green light to the deal.

Based in Oslo, AWO operates in Australia, Norway, Vietnam, Saudi Arabia and the Mediterranean. The deal would help raise the number of COSL's operating rigs to 22 from 15 at present and create the world's eighth largest rig fleet.

CNOOC Group owns a 54.74 percent stake in the Hong Kong- and Shanghai-listed China Oilfield.

Source:Xinhua



  Your Message:   Most Commented:
Why some Western media scared of reportage on true China
Russia warns against NATO membership for Georgia 
US-India nuclear agreement going through bottleneck
Why EU leaders call special, emergency summit?
EU wants to be more equal to Washington

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90858/90863/6502371.pdf