A Libyan sovereign wealth fund has reached an agreement to acquire the Canadian company Verenex Energy after Libya’s state petroleum company blocked a more lucrative Chinese offer.
Verenex, a small exploration company with big Libyan oil and gas discoveries, said it had entered a binding agreement, worth about C$316 million (Dh1.09 billion), for the Libyan Investment Authority (LIA) to purchase its outstanding holding for C$7.09 per share.
That is nearly 30 per cent less than the C$460m, or C$10 a share, that China National Petroleum Corporation (CNPC) had offered for Verenex in February.
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