Monaco-based Ofer Global has received consent from the Overseas Investment Office for its partial takeover of exploration company New Zealand Oil & Gas (NZOG).
Ofer had in November got separate consent from New Zealand Petroleum & Minerals for the takeover. This week it attained the minimum 50% acceptances it was seeking and as of yesterday had a 62% stake in NZOG.
Ofer, through a Singaporean subsidiary, is seeking a 67.55% share in NZOG and its 74c-per-share offer will close on January 8.
Ofer Global chairman Eyal Ofer said the OIO approval was a significant moment for the company’s vision to build the future of NZOG as its largest shareholder.
"I’m personally very excited about the prospect of having NZOG join the Ofer Global family," he said in a market update yesterday.
He did not outline any specific plans yesterday, but Ofer has said in the past it wanted to boost NZOG’s exploration plans around New Zealand, which would include deepwater oil and gas permits held in the Canterbury Basin and Great South Basin.
Ofer is a private company credited with a $US9 billion ($NZ12.85 billion) net worth in 2016, its main focus being shipping, real estate and banking. Oil and gas interests include exploration through to full field developments, onshore and offshore, in Southeast Asia and Australasia.
• Following the announcement of the approval, NZOG chairman Rodger Finlay and director Duncan Saville resigned.
