Eni UK Holding Plc offers to acquire 20% stake in Hindustan Oil Exploration Co

25-Apr-08
Eni UK Holding Plc, a wholly owned subsidiary of Italian energy group Eni, has made an open offer to acquire up to 20 per cent in Hindustan Oil Exploration Company Ltd. (HOEC) for Rs 376.58 crore in cash. Eni Holding is one of the largest integrated energy companies in the world with a market capitalisation of about Euro 92 bln as on April 15. The group is mainly involved in oil and gas, electricity generation, petrochemicals, oil field services and engineering industries. HOEC was India's first private company to enter oil and gas exploration. It is engaged in exploration, development and production of oil and natural gas, both onshore and offshore. The company has interests in seven oil and gas assets in India, which are at various phases of exploration, development or production. Eni will acquire 2.61 crore shares of HOEC at Rs 144.2 apiece through the offer, which will be open between June 11 and June 30 this year.
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