Petroleum Africa
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Sunday, December 20, 2015
Shareholders of oil exploration holding company MPI voted to approve a merger with its former parent company Maurel et Prom despite objections from a number of minority shareholders.
In August Maurel et 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 et Prom share for two shares held. When commenting on the merger in August Jean-Francois Henin, chief executive said, “Companies the size of MPI, or MPI plus Maurel et Prom, are no longer big enough to remain independent.” Henin added, “We can survive, but in terms of the future for our shareholders, it’s absolutely necessary to build a larger, more diversified group.”
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