Premier Oil Deal to Take Over Stakes in 40 North Sea Oil and Gas Fields Approved
Premier Oil shareholders approved the oil producer’s $120 million takeover of E.ON’s North Sea oil and gas fields on Monday, as the deal cleared its final hurdle.
As many as 99.99 percent of votes cast at a special shareholder meeting on Monday supported the transaction, which will give Premier additional stakes in 40 oil and gas licenses in the UK North Sea.
Premier, whose shares touched a five-month high of 77.50 pence per share on Monday, said the deal will complete by the end of this month.
When the transaction was first announced, Premier’s shares were suspended as the deal was classified as a reverse takeover.
