Ambitious LNG hopeful Gasol has revealed terms for its £63m planned acquisition of African LNG, which is likely to both bring a number of business opportunities in sub-Saharan Africa and more than double Gasol’s stock market value.
AIM-quoted Gasol, at which ex-BG Group luminary Soumo Bose took over as Chief Executive from the entrepreneurial Haresh Kanabar last October, is paying in shares for the 80% it does not already own of African LNG, the company handling its West African projects.
Theo Oerlemans, Chairman of African LNG, is to become non-executive chairman of the enlarged Gasol in a deal that will more than double Gasol’s stock market value and give African LNG’s vendor, African Gas Development Corporation (AFGAS), 63% of the new group.
It’s claimed by some sources that the takeover will bring Gasol ‘a number of LNG business development opportunities in sub-Saharan Africa and will thus position Gasol to become the premier Africa-focused gas independent’.
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