BP, Adnoc $2 Billion Offer for Israel's NewMed Put on Hold Due to Regional Uncertainty
By Christian Moess Laursen
BP's joint offer with Abu Dhabi National Oil Co. to take Israel's NewMed Energy private and form a joint venture has been put on hold due to uncertainty in the region, the Israeli gas producer said.
NewMed said Wednesday that all parties agreed to suspend discussions but reiterated their interest in the proposed deal.
Last year, the British energy giant and Adnoc made a non-binding bid to buy the free float and shares owned by Delek Group to bring their shareholding to 50% of NewMed, in a move to create a joint venture in the gas-rich areas in the east Mediterranean.
In October, Reuters reported that a panel reviewing the offer advised BP and Adnoc to raise their $2 billion bid by 10% to 12%, which initially cast doubts over the deal. BP subsequently confirmed the deal was progressing on track, Reuters reported.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
March 13, 2024 06:05 ET (10:05 GMT)
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