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Sunday, August 30, 2015
Maurel & Prom revealed it was reabsorbing MPI, its former Nigerian unit, as part of a plan to triple its size. The company said it was buying MPI in a deal that would give MPI investors one Maurel & Prom share for two shares held. MPI would also pay a 0.45 euro exceptional cash dividend per share before the merger.
The merger and Maurel & Prom’s ambition to triple its size is a by-product of the downward slide in oil prices.
Chief Executive Jean-Francois Henin said, “Companies the size of MPI, or MPI plus Maurel & Prom, are no longer big enough to remain independent,” Henin said. “We can survive, but in terms of the future for our shareholders, it’s absolutely necessary to build a larger, more diversified group.”
“Everyone is talking to everyone, because everyone feels the same need,” Henin said. “All players in the sector today are considering how to combine forces with someone else and what are the best possible combinations.”
Following the merger, which should be complete in December, Maurel & Prom will add Nigeria to its operations in Gabon and Tanzania, giving it presence in three key sub-Saharan oil and gas countries.
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