Eni enters exclusive talks to acquire Neptune Energy
Published by Elizabeth Corner,
Senior Editor
World Pipelines,
Italian energy giant Eni has entered exclusive talks to acquire private-equity backed gas and oil producer Neptune Energy after sweetening its previous offer to below US$6 billion, industry sources said (Reuters).
The two firms entered a new phase of exclusive discussions in recent weeks following months of slow negotiations that started late last year, the sources said.
Eni agreed to slightly increase its offer for Neptune, which still remains in a range between US$5 - 6 billion, the sources said.
Though the exclusive talks indicate that negotiations have significantly progressed, there was no guarantee that an agreement would be reached, the sources said.
Eni and Neptune both declined to comment.
Neptune produced around 142 000 boe/d in the 1Q23, three-quarters of which is gas.
It has operations in Norway (home to Eni's Var unit), Britain, Indonesia (where Neptune shares licences with Eni), Algeria, the Netherlands and elsewhere.
Neptune is owned by China Investment Corporation, the Carlyle Group and CVC Capital Partners.
Read the article online at: https://www.worldpipelines.com/business-news/12062023/eni-enters-exclusive-talks-to-acquire-neptune-energy/
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