Ukraine-based Smart Group’s oil and gas subsidiary, Energees Investments, has purchased London-based Regal Petroleum, Financial Times reports. Energees has bought 51.7% of Regal’s equity at 38 pence a share, valuing Regal at £121.8 million.
Energees, whose offer was previously conditional on taking a 70% stake, previously offered 24 pence a share, which was rejected. Earlier, TNK-BP made an offer of about 50 pence a share for Regal, while two Cyprus-registered companies controlled by Victor Pinchuk, made an unofficial offer of 25 pence a share.
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