Business
Woodside to pre-empt Indian acquisition of Senegal oil – The Australian Financial Review
Woodside has stepped in to prevent India’s ONGC buying a stake in its $US4.2 billion Senegal oil project, agreeing to purchase the holding itself.
“Sangomar is an attractive, de-risked asset in execute phase, offering near-term production,” Mr Coleman said in a statement late Thursday.
“The acquisition is value accretive for Woodside shareholders and results in a streamlined joint venture which will assist in ourtargeted sell-down in 2021.”
Credit Suisse analyst Saul Kavonic described Woodside’s decision to pre-empt as a “no-brainer on value”, especially as the stake is worth even more than a month ago after oil prices gained.
Still, JPMorgan’s…
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