PR Newswire
IRVING, Texas, SINGAPORE and PORT MORESBY, Papua New Guinea, July 21, 2016
IRVING, Texas, SINGAPORE and PORT MORESBY, Papua New Guinea, July 21, 2016 /PRNewswire/ --
Exxon Mobil Corporation (NYSE: XOM) and InterOil Corporation (NYSE: IOC, POMSox: IOC) today announced an agreed transaction worth more than $2.5 billion, under which ExxonMobil will acquire all of the outstanding shares of InterOil (the ExxonMobil Transaction).
"This agreement will enable ExxonMobil to create value for the shareholders of both companies and the people of Papua New Guinea," said Rex W. Tillerson, chairman and chief executive of Exxon Mobil Corporation.
"InterOil's resources will enhance ExxonMobil's already successful business in Papua New Guinea and bolster the company's strong position in liquefied natural gas."
InterOil Chairman Chris Finlayson, said, "Our board of directors thoroughly reviewed the ExxonMobil transaction and concluded that it delivers superior value to InterOil shareholders. They will also benefit from their interest in ExxonMobil's diverse asset base and dividend stream."
Under the terms of the agreement with ExxonMobil, InterOil shareholders will receive:
Together the Share Consideration and the CRP represent a material premium to the closing price of InterOil shares on May 19, 2016 -- the day prior to the announcement of the Oil Search transaction -- based on a range of Elk-Antelope resource estimates:
Kurzfristig positionieren in Exxon Mobil Corp | ||
ME8K0W
| Ask: 1,83 | Hebel: 18,61 |
mit starkem Hebel |
Zum Produkt
| |
ME4ZKB
| Ask: 2,87 | Hebel: 5,65 |
mit moderatem Hebel |
Zum Produkt
| |
Tcfe | 6.2 | 7.0 | 8.0 | 9.0 | 10.0 | ||||||
| (Base Volume) | | | | (Cap) | ||||||
Share Consideration Value | $ 45.00 | $ 45.00 | $ 45.00 | $ 45.00 | $ 45.00 | ||||||
CRP - Potential Value1 | $ 0.00 | $ 5.66 | $ 12.73 | $ 19.80 | $ 26.87 | ||||||
Aggregate Consideration (US$/share) | $ 45.00 | $ 50.66 | $ 57.73 | $ 64.80 | $ 71.87 | ||||||
Premium to May 19 close2 | 42.2 % | 60.1 % | 82.4 % | 104.7 % | 127.1 % | ||||||
Premium to 1-month VWAP3 | 41.2 % | 58.9 % | 81.1 % | 103.2 % | 125.4 % | ||||||
Premium to 3-month VWAP4 | 48.2 % | 66.8 % | 90.1 % | 113.4 % | 136.6 % | ||||||
1 Represents potential future payment at given certified resource level; not discounted to present value. 2 Based on InterOil's closing price of US$31.65 per share as of May 19, 2016, prior to announcement of the Oil Search transaction. 3 Based on InterOil's 1-month VWAP up to and including May 19, 2016 of US$31.88 per share. 4 Based on InterOil's 3-month VWAP up to and including May 19, 2016 of US$30.37 per share. |
Compelling Benefits of the Transaction
When concluded, this transaction will give ExxonMobil access to InterOil's resource base, which includes interests in six licenses in Papua New Guinea covering about four million acres, including PRL 15. The Elk-Antelope field in PRL 15 is the anchor field for the proposed Papua LNG project.
ExxonMobil's more than 40 years of experience in the global LNG business enables it to efficiently link complex elements such as resource development, pipelines, liquefaction plants, shipping and regasification terminals, which it has demonstrated through the PNG LNG project, working closely with co-venturers, national, provincial and local governments, and local communities. ExxonMobil will bring to bear its industry-leading performance and strong commitment to excellence as it grows its business in Papua New Guinea.
The PNG LNG project, the first of its kind in the country, was developed by ExxonMobil in challenging conditions on budget and ahead of schedule and is now exceeding production design capacity, demonstrating the company's leadership in project management and operations.
ExxonMobil will work with co-venturers and the government to evaluate processing of gas from the Elk-Antelope field by expanding the PNG LNG project. This would take advantage of synergies offered by expansion of an existing project to realize time and cost reductions that would benefit the PNG Treasury, the government's holding in Oil Search, other shareholders and landowners.
Path to Completion
The ExxonMobil Transaction has been unanimously approved by the boards of both companies. The InterOil board unanimously recommends that InterOil shareholders approve the ExxonMobil Transaction.
The ExxonMobil Transaction will be implemented by way of a court-approved plan of arrangement under the Business Corporations Act (Yukon) and will require the approval of at least 66 2/3 percent of the votes cast by InterOil shareholders at a special meeting expected to take place in September, 2016.
In addition to InterOil shareholder and court approvals, the ExxonMobil Transaction is also subject to other customary conditions. Subject to obtaining the aforementioned approvals and satisfaction of closing conditions, the ExxonMobil Transaction is expected to close in September, 2016.
Further information regarding the transaction with ExxonMobil will be included in an information circular, which will be mailed to InterOil shareholders in due course. Copies of the key transaction documents for the ExxonMobil Transaction (being the arrangement agreement and the information circular) will be available online under InterOil's corporate profile at www.sedar.com.
Oil Search Transaction
The InterOil board of directors, in consultation with its independent legal and financial advisors, determined that the ExxonMobil Transaction is superior to the previously announced transaction with Oil Search Limited (ASX:OSH, POMSoX: OSH) and so advised Oil Search on July 18, 2016. Immediately prior to entering into the arrangement agreement with ExxonMobil, InterOil terminated its previously announced arrangement agreement with Oil Search, and ExxonMobil is paying Oil Search the termination fee in accordance with the requirements of the Oil Search arrangement agreement on behalf of InterOil. The previously scheduled Special Meeting of Shareholders to vote for the approval of the Oil Search transaction has been cancelled.
Advisers
Davis Polk & Wardwell LLP and Blake, Cassels & Graydon LLP served as legal advisers to
ExxonMobil in relation to the ExxonMobil Transaction.
Credit Suisse (Australia) Limited, Morgan Stanley & Co. LLC and UBS served as financial advisers to InterOil in relation to the ExxonMobil Transaction, and Wachtell, Lipton, Rosen & Katz and Goodmans served as its legal advisers. Morgan Stanley & Co. LLC provided the InterOil board with a Fairness Opinion.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world's growing energy needs. ExxonMobil holds an industry-leading inventory of resources and is one of the world's largest integrated refiners, marketers of petroleum products and chemical manufacturers. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.
About InterOil
InterOil Corporation is an independent oil and gas business with a sole focus on Papua New Guinea. InterOil's assets include one of Asia's largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licenses covering about 16,000 square kilometers. Its main offices are in Singapore and Port Moresby. InterOil is listed on the New York and Port Moresby stock exchanges.
Contacts:
For InterOil:
Investor Contacts
Singapore | United States | |
David Wu Senior Vice President Investor Relations | Cynthia Black Investor Relations North America | |
T: +65 6507 0222 | T: +1 212 653 9778 | |
Media Contacts
Singapore | United States |
Ann Lee Communications Specialist | James Golden/ Aaron Palash Joele Frank, Wilkinson Brimmer Katcher |
T: +65 6507 0222 Werbung Mehr Nachrichten zur Exxon Mobil Corp Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |