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Home Companies Corporate deals

Total Plc Steps Up Efforts To Sell Downstream Assets With “12 Firms” Submitting Bids

Nairametrics by Nairametrics
October 24, 2016
in Corporate deals, Spotlight
Total Will Commit 300mscf Gas To Nigerian Domestic Market Daily

Image source: newsarena.com.ng

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  • Total Nigeria Plc is reported has planning to sell its downstream businesses. This is according to reports from the New Telegraph
  • According to the report, about 12 foreign and indigenous firms are in “hot race” for Total’s downstream assets.
  • Just last week, Mobil Nigeria Plc announced that it was selling its downstream business to NIPCO Plc in a deal rumored to be worth about $500 million
  • The New Telegraph also reports that about 12 firms are jostling for the downstream of Total
  • Total is currently worth about N98 billion and has seen its share price rise by about 97% year to date after it released a string of impressive results this year.
  • The Parent company Total Raffinage Marketing owns about 61.7% of Total Nigeria Plc.
  • Industry sources also inform Nairametrics that the likes of Sahara and Forte Oil had bidder for Mobil’s downstream assets but may have been outbid by NIPC who are said to have deeper pockets considering its Indian connections.
  • With Total downstream being a bigger company, the race for its acquisition is expected to be very stiff.
  • Source New Telegraph

 

Tags: Nigerian StocksOIl and Gas NewsTotal Nigeria Plc
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