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Decks cleared for ONGC takeover of Imperial

New Delhi: The decks have been cleared for Oil and Natural Gas Corporation’s £1.3-billion takeover of Imperial Energy with about 96 per cent of the London-listed firm’s shareholders accepting its offer of £12.50 a share.

ONGC Videsh Ltd needed only 90 per cent shareholders to approve its deal, which will result in the delisting of Imperial that has most of its energy assets in Russia.

“At the close of the offer period today [Tuesday], about 96 per cent shareholders had tendered their shares,” a source close to the transaction said.

OVL plans to delist Imperial and will “squeeze out” the remaining untendered shares by posting them cheques of the offer amount and telling them that their shares were no longer valid. — PTI

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