The paths to completion of planned takeovers of Egypt-focused producers Capricorn Energy and Pharos Energy have become clearer, with rival bidders stepping aside in both cases (MEES, 31 July). Genel Energy now looks firmly in the driving seat for Capricorn as does Ratio Petroleum for Pharos, although the latter remains subject to significantly greater political and regulatory uncertainty.
The withdrawal of Saudi-linked Alamadiyaf al-Masiyyah, part of the Cafani Group, and private investment firm Samos Energy leaves Genel Energy’s agreed $360mn all-cash takeover of Capricorn as the only live proposal. The two potential rival bidders confirmed that they will not proceed on 11 August. (CONTINUED - 408 WORDS)