Seplat Confirms Afren Interest—Sapetro Could be a Spoiler

Friday, January 9, 2015

Nigerian indigenous firm Seplat Petroleum Development Co. confirmed that it was interested in acquiring UK firm Afren. This ends the speculation regarding Seplat’s interest which was making the rounds in December when Afren said it had been tentatively approached by the Nigerian firm.

While Seplat confirmed its interest, no further information was supplied by the firm except that it has until January 19 to make a firm offer for Afren. There are also rumors that fellow Nigerian firm Sapetro could make a counterbid for Afren.

Afren has seen its shares drop significantly in recent months on the back of corporate malfeasance and sliding oil prices, making it a ripe target for takeover.

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