Pertamina moves on Maurel & Prom

Indonesia’s Pertamina aims to acquire a stake in Maurel & Prom and possibly move take over the French company in full later this year, the two parties confirmed on Monday.

Pertamina’s first step will be to buy the 24.5% stake in Maurel & Prom held by the company’s chairman and chief executive, Jean-Francois Henin. The Indonesian state energy firm will offer EUR 4.20 per share.

“They [Pertamina] can achieve something that corresponds with my dreams for Maurel et Prom because they give the company a means for development,” Henin said on Monday, adding the Indonesian offer for the company in its entirety could be made before the end of the year. If concluded on the same terms, the deal would be worth USD 996 million.

Maurel & Prom has been in Pertamina’s crosshairs since 2013, when plans to sell the company first surfaced. At the time, Henin’s business was valued at some USD 2.2 billion. Last Friday, Maurel & Prom’s market value stood at around USD 541 million.