Vitol to offer $192 mln for Sterling Resources
Wed Feb 13, 2013 6:12am EST
* Acquisition would give exposure to North Sea oil assets
* Offer amounts to around $192 million, or C$0.85/share
* Follows financial assistance to Sterling Resources
GENEVA, Feb 13 (Reuters) - Top oil trading house Vitol plans to offer C$192 million ($192 million) for Canadian oil and gas group Sterling Resources, to gain a foothold in the North Sea oil and gas sector.
The planned deal, worth C$0.85 per Sterling Resources share - a 79 percent premium to Tuesday's close at C$0.475, is the latest in a series of moves by Vitol to acquire physical energy assets.
"Vitol has held discussions with Sterling's management and, based on the company's inability to find an acceptable long-term financing solution, Vitol Anker has decided to pursue an offer for the company," Vitol said on Wednesday.
The bid follows the purchase of a Swiss oil refinery from insolvent refiner Petroplus last year and the gradual expansion of oil exploration in west Africa.
Calgary-based Sterling Resources, drilling for oil and gas in the North Sea and with energy assets in France, the Netherlands and Romania, said it had received an unsolicited takeover bid from Vitol.
"Sterling has also had discussions with third parties on other potential transactions including business combinations, sales of subsidiaries and assets and additional financing opportunities," it said.
Vitol said it was prepared to enter further talks with Sterling to provide additional interim financing.
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