Court approves InterOil takeover
The Supreme Court of Yukon has granted a final order approving the arrangement between InterOil and ExxonMobil.
SINGAPORE and PORT MORESBY, Papua New Guinea – The Supreme Court of Yukon has granted a final order approving the arrangement between InterOil and ExxonMobil.
Exxon’s acquisition of InterOil was approved by more than 91% of the shares voted at a Special Meeting on Feb. 14. It has now received all necessary approvals, and the companies expect the transaction to be completed this week.
The decision is likely a popular one to those in support of the transaction, given its troubled history.Oil Search was originally lined up to acquire InterOil, signing a memorandum with Total in May 2016. In July, it was announced that ExxonMobil had come to an agreement with InterOil, thereby terminating the Oil Search transaction. Then, last December, the transaction closing date was extended to March 31, 2017, with the agreement amended and restated.