Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Newmont Mining Corporation    NEM

NEWMONT MINING CORPORATION (NEM)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Indonesia's Medco Energi offers £340 million for UK-listed Ophir

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/11/2019 | 09:08am EST

(Reuters) - Indonesian oil and gas group Medco Energi Internasional Tbk PT said on Friday it could offer 340 million pounds in cash for London-listed Ophir, which has assets in south-east Asia.

Ophir's shares fell almost 50 percent last year as it failed to find financing for a liquefied natural gas project in Africa's Equatorial Guinea. It expects to write down $300 million on the project and also shift its headquarters from London to Asia, where it bought assets in 2018.

Ophir's current output of 25,000 barrels per day (bpd) of oil equivalent combined with Medco's stated 2018 target of 85,000 bpd of oil equivalent would make Medco, which has been expanding, the seventh largest non-national oil company upstream producer in Southeast Asia, according to energy research firm WoodMac.

"Medco confirms that while discussions with Ophir are continuing, an agreement on a recommended offer has yet to be concluded," Medco said in a statement following its first approach to buy Ophir last month.

Medco said shareholders of Ophir would receive 48.5 pence in cash for each Ophir share, a 46.1 percent premium to Ophir's share price of 33.2 pence on Dec. 28, the last business day before Medco Global announced the possible offer for Ophir.

Under British takeover rules, Medco's fully-owned subsidiary PT Medco Energi Global has until Jan. 28 to make a firm offer or walk away.


GRAPHIC: Ophir Energy boosted by Medco interest -

In response to Medco's move on Friday, Ophir said the Indonesian company had in October made an unsolicited approach to buy Ophir at an offer price of 58 pence per Ophir share which was reduced to 53.8 pence in December.

Ophir said that following the absence of a licence extension on the Africa asset and a decline in oil price, Medco submitted a revised proposal on Dec. 20 of 53.8 pence per Ophir share.

"This morning, Medco submitted an updated possible offer ... and subsequently made a unilateral announcement without any further discussion," Ophir said.

Founded by oil and gas tycoon Arifin Panigoro, Medco has made sizeable acquisitions in recent years, including leading a $2.6 billion (£2 billion) purchase of the Indonesian unit of Newmont Mining Corp in November 2016. It also operates power plants in Indonesia.

Medco, headquartered in Jakarta, earns the bulk of its revenue from oil and gas operations, mainly in Indonesia. The firm has focussed on expanding its Southeast Asia production and adding to its existing assets in the Middle East and North Africa.

Standard Chartered Bank is acting as financial adviser to Medco.

Shares in Ophir, which has a market value of 305 million pounds, were 3.4 percent higher at 44.5 pence at 1138 GMT.

(Additional reporting by Shadia Nasralla; Editing by Shinjini Ganguli; Editing by Elaine Hardcastle)

By Noor Zainab Hussain

Stocks mentioned in the article
ChangeLast1st jan.
MEDCO ENERGI INTERNASIONAL TBK PT --End-of-day quote.
NEWMONT MINING CORPORATION 1.74% 31.56 Delayed Quote.-10.48%
OPHIR ENERGY PLC -0.79% 44.05 Delayed Quote.24.37%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NEWMONT MINING CORPORATION
02:35aNEWMONT MINING : takes top gold producer spot with US$10bn Goldcorp buy
AQ
01/15NEWMONT MINING : to Buy Goldcorp in U.S.$10 Billion Deal
AQ
01/15MINING INDUSTRY'S SECOND BIG MERGER : Newmont to acquire Goldcorp
AQ
01/15Newmont Set to Take Mining Crown -- WSJ
DJ
01/14NEWMONT MINING : Sensex ends 157 points lower over global slowdown
AQ
01/14NEWMONT MINING CORP /DE/ : Entry into a Material Definitive Agreement, Unregiste..
AQ
01/14Newmont Mining, Wynn and PG&E skid while Gannett jumps
AQ
01/14MARKET SNAPSHOT: Stocks Close Lower As China Trade Data Spark More Global Eco..
DJ
01/14Newmont to Buy Goldcorp in Deal Valued at $10 Billion-- 5th Update
DJ
01/14Newmont Mining Down Over 8% After Merger Announcement -- Data Talk
DJ
More news
Financials ($)
Sales 2018 7 055 M
EBIT 2018 1 137 M
Net income 2018 474 M
Debt 2018 861 M
Yield 2018 1,72%
P/E ratio 2018 34,55
P/E ratio 2019 23,47
EV / Sales 2018 2,50x
EV / Sales 2019 2,29x
Capitalization 16 811 M
Chart NEWMONT MINING CORPORATION
Duration : Period :
Newmont Mining Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends NEWMONT MINING CORPORATION
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 40,0 $
Spread / Average Target 27%
EPS Revisions
Managers
NameTitle
Gary J. Goldberg Chief Executive Officer & Director
Tom Palmer President & Chief Operating Officer
Noreen Doyle Independent Non-Executive Chairman
Nancy K. Buese Chief Financial Officer & Executive Vice President
James Zetwick Chief Information Officer & Vice President
Sector and Competitors
1st jan.Capitalization (M$)
NEWMONT MINING CORPORATION-10.48%16 811
BARRICK GOLD CORP-14.65%20 770
NEWCREST MINING LIMITED7.52%12 966
POLYUS PAO--.--%10 761
AGNICO EAGLE MINES LTD-5.81%9 225
SHANDONG GOLD MINING-1.42%8 987