New World Oil & Gas suspends shares in acquisition bid
New World Oil & Gas said it has signed a non-binding letter of intent to acquire the entire issued share capital of Big Sofa Limited and has suspended its shares with immediate effect.
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Dyson loses bid to change EU energy labelling laws
Dyson has lost its bid to change EU energy labelling laws after claiming some rival vacuum cleaners were achieving misleadingly good ratings. Sir James Dyson, founder of the British technology firm, argued that vacuum cleaners were only tested when they were empty of dust which can “mislead consumers on the real environmental impact of the machine they are buying”. But in a ruling, the EU’s General Court said it “dismisses Dyson’s action in its entirety” because the company - best known for its bagless vacuum cleaner - had failed to show there were more reliable and accurate tests.
Suncor Energy in $4.3billion takeover bid for Canadian Oil Sands
Suncor Energy has made an offer to acquire Canadian Oil Sands Limited in a $4.3billion takeover bid. The company said it formally commenced an unsolicited offer to acquire all of the firm’s outstanding shares. Under the terms of the offer each shareholder would receive a consideration of $0.25 of a Suncor share.
Australian PM faces leadership bid
Australian Prime Minister Tony Abbott is facing a challenge to his leadership after a communications minister launched a bid for the top office. Former tech entrepreneur Malcolm Turnbull said he would be seeking the leadership of the Liberal Party after being urged “by many people” to run after criticism of the current Prime Minister’s performance.
Schlumberger to buy Cameron in $14.8billion deal
Schlumberger has taken over Cameron in a $14.8billion deal. The company's chief executive said the move would create "new and broader" opportunities for Schlumberger in the current low oil market. Schlumberger told investors in June last year there needed to be a transformation in the technology delivered in order to outperform the markets.
Mexico auction: First phase sees only two successful bids
The first round of the historic opening into Mexico's crude market has closed with only two successful bids. A total of 14 blocks had been up for grabs in the landmark opportunity for companies looking to invest in the region. However, as the CNH (Comision Nacional de Hidrocarburos) moved through the blocks on offer it was clear Mexico's big gamble was off to a slow start.
Technip abandons plan to take over seismic surveyor CGG
Technip SA (TEC), Europe’s biggest oil-services company, said it plans to expand in upstream businesses even after a bid to buy French seismic surveyor CGG SA (CGG) failed on price and industrial considerations. “We have turned a page on this subject,” Technip Chief Executive Officer Thierry Pilenko said. The company said in a statement on Sunday evening that it doesn’t intend to make an offer for CGG. CGG slumped 33% at 9:37 a.m. in Paris trading, while Technip climbed 8%.
Antrim Energy to consider Sound Oil offer
Antrim Energy is set to consider a £6.35million offer from Sound Oil. The Canada-focused company said it will consult with its board and legal and financial advisers following the takeover bid. Mediterranean-focused explorer Sound Oil announced yesterday its desire to purchase the company.
Neon Energy to merge with MEO
Neon Energy is set to merge with MEO Australia after it became involved in a takeover bid. It is hoped the move will reduce overhead costs of the two companies, from $8.5million to $3.5million per year. The company is expected to form with a net cash income of $37million and a board will be formed of the merged groups, comprising two directors from Neon, and two directors from MEO.