The aggregate consideration amounts to approximately E57 million. In accordance with Indian takeover rules, Eni Holding had to make a mandatory cash offer to acquire up to 20% of the share capital of Hindustan Oil Exploration (HOEC) pursuant to the acquisition of Burren Energy, resulting in the indirect acquisition of 27.17% interest in HOEC.
Eni considers its investment in HOEC as a means of participating in India’s fast-growing upstream sector and intends to contribute with its industry experience and expertise to assist HOEC in growing its business. Eni also reserves the right to seek board representation that is commensurate with its shareholding following the completion of the offer process.
