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Sunday, 16 June 2019

Greece’s Energean makes bid for Edison’s oil and gas business

M&A WATCH- Greece’s Energean makes bid for Edison’s oil and gas business: Greek energy company Energean Oil & Gas has made an offer for oil and gas exploration and production assets held by Edison, including those in Egypt, Bloomberg reported, citing unidentified sources. Edison, an Italian arm of France’s EDF, is said to be selling the business as it seeks funds to finance its nuclear and renewable energy projects. EDF said it plans to sell as much as EUR 3 bn of assets by the end of next year to control debt.

Other bidders still in play? Neptune Energy, Warburg Pincus’s Apex International Energy and Wintershall Dea (an arm of Mikhail Fridman’s L1 Energy) had shown initial interest in Edison’s assets earlier. EDF was previously said to be seeking as much as USD 2 bn for the assets. We have background here and here.

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