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Abu Dhabi bid for Scorpion Offshore in doubt
Oslo
 

An Abu Dhabi firm's plan to acquire Norway-listed oilfield services group Scorpion Offshore has been cast in doubt by the death of Sheikh Nasser Bin Zayed Al Nahyan, the Oslo bourse has said.

The UAE company Fortune Super Equity Management (FSEM) announced in February it aimed to acquire Scorpion Offshore, on condition that its offer of 80 crowns per share was accepted by shareholders with 90 percent of the stock.

Its bid was challenged by Norwegian oilfield services group Seadrill, which in April raised its stake in Scorpion Offshore to 36 percent through a competing 80-crowns offer.

FSEM said on June 19 that it still intended to pursue a bid for Scorpion and a final offer would be made 'in due course.'

But on Monday the Oslo stock exchange said FSEM had informed the bourse that it was reconsidering whether to make a bid after the death of the Sheikh, who controlled FSEM for the royal family and died in a helicopter crash in June.

The bourse said it had not received any offer document from FSEM and asked the Abu Dhabi firm 'to promptly clarify this uncertainty through an announcement to the market.'

Scorpion Offshore shares were down 1.5 percent at 80.0 crowns by 1106 GMT, valuing the company at about $914 million.-Reuters


 
   
 
     
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