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Fosun set to enter hydrocarbon sector as Roc majority shareholder agrees to deal

03rd October 2014

Transcendent Resources Limited, a wholly-owned subsidiary of Fosun International Limited has received acceptance instructions from Allan Gray Australia Pty Ltd (Allan Gray) (18.9 per cent) in respect of the off-market takeover bid by Fosun to acquire all of the ordinary shares in Roc

Fosun set to enter hydrocarbon sector as Roc majority shareholder agrees to deal
Roc’s total oil production last year stood at 2.7 mmboe – making USD 45.2m net profit.

"After a long process, I am delighted that Roc's major shareholder has supported the board's recommendation of the Fosun Offer," said Mike Harding, Roc's chairman.

The Roc board has unanimously recommended that, in the absence of a superior proposal all Roc shareholders should also accept the offer. The ROC directors have stated their intention to provide acceptance in respect of shares held or controlled by them in respect of the offer.

The Fuson-Roc deal equates to AUD 474m, or USD 441m.

Roc’s total oil production last year stood at 2.7 mmboe – making USD 45.2m net profit.

If the deal goes through, Fuson will control all of Roc’s existing operations spread across China, Malaysia and Australia.

Fosun has assets in many different industries, both within China and internationally, but this is its first move into the oil and gas market.

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