Lukoil drops bid for Far
Russia's Lukoil has withdrawn its offer to buy Sydney-listed Far, a partner in the Rufisque, Sangomar and Sangomar Deep (RSSD) oil and gas project offshore Senegal, Far said on April 1.
Lukoil made its non-binding bid for Far, valued at $167mn, after a failed attempt to buy the Australian company's 14% stake in RSSD. Far announced earlier this year it had signed a sales and purchase agreement to transfer its interest in RSSD to Australia's Woodside, already an investor in the Senegalese project.
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Far said today that the Lukoil bid "was not proceeding to a legally binding offer." The Australian firm will hold a shareholder meeting on April 15 to discuss the sale to Woodside, it said, noting that its directors continued to support that deal. It has also received a non-binding offer from private investment fund Remus Horizons. If Remus or another company makes a firm commitment to acquire Far's stake, "the directors will update shareholders accordingly and may reconsider their recommendation."