Total Plc Steps Up Efforts To Sell Downstream Assets With “12 Firms” Submitting Bids
Nairametrics
Image source: newsarena.com.ng
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.
