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Maurel to Get Approval for Nigerian Unit Spinoff, Investir Says

Nov. 5 (Bloomberg) -- Etablissements Maurel & Prom SA will obtain approval in the coming weeks from the French stock market regulator to spin off and list in Paris its Nigerian unit, Investir reported without saying where it got the information.

Shares in the business will be distributed to Maurel holders and treated by French tax authorities like a special dividend, according to the weekly newspaper.

Maurel unveiled the plan in May that it said was designed to “bring out value” of assets.

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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