OVL to make formal bid for Imperial Energy soon

New Delhi, Aug. 24:

ONGC Videsh Ltd (OVL), the overseas investment arm of exploration major ONGC, is expected to make a formal bid for Imperial Energy Corp soon.

‘Binding bid’

Sources told Business Line that the company has been examining various issues and a “binding bid” will be made soon.

London Stock Exchange (LSE) listed oil exploration and production company Imperial Energy has been attracting a lot of attention lately with major companies from Asia – India and China – pitching for stake.

Sources remained non-committal on the bid amount or speculations that OVL may rope in a strategic partner.

“It is a long process,” said a source, adding that apart from shareholders’ approval, a counter bid can also be submitted.

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