Deals
Petroceltic to Buy Melrose Resources to Expand Oil Portfolio
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Petroceltic International Plc, an oil and gas company with assets in Algeria, agreed to buy Melrose Resources Plc for 165 million pounds ($259 million) to expand in North Africa and the Mediterranean.
Melrose shareholders will receive 17.6 new Petroceltic shares for each Melrose share, and Melrose will also pay a special dividend of 4.7 pence a share. The dividend and the shares represent a 9.7 percent premium to Melrose’s share price on Aug. 16, according to a statement today. Petroceltic shareholders will hold 54 percent of the enlarged company.