ELAND Oil & Gas shareholders have given overwhelming backing to the £382 million takeover of the Aberdeen-based firm by Nigeria’s Seplat.
Bid for Scots oil firm rewards perseverance in Nigeria
At two meetings of shareholders resolutions in favour of the proposed takeover of Nigeria-focused Eland were approved 99.996 per cent of votes cast.
Subject to court approval the takeover is expected to become effective on December 17.
The 166p per share cash takeover announced in October provided recognition for Eland’s achievement in building a successful exploration and production business in Nigeria from Aberdeen.
Oil company boss hails benefits of building international business from Scotland
Led by chief executive George Maxwell, Eland has faced security challenges in Nigeria while coping with the fallout from the plunge in the crude price since 2014. Its directors recommended the Seplat offer.
When the deal was announced Seplat said it recognised the importance and value of the skills and experience of existing Eland employees but would complete a review of the business within 12 months of completing a takeover.
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