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Energean remains committed to sale of Egypt, Italy and Croatia assets
(Sharecast News) - Energean remains committed to the sale of its portfolio in Egypt, Italy and Croatia to an outfit controlled by Carlyle International Energy Partners. Mathios Rigas, chief executive of Energean, said: "Although the necessary regulatory approvals have not yet been obtained by Carlyle, we remain committed to closing the Transaction.
"These are high-quality, diversified assets with significant growth potential and, if the Transaction does not close, we will assess all strategic options, focussing, as always, on the best interests of our shareholders keeping in mind the need for diversification, scale, dividend accretion and growth."
The company's statement came ahead of the 20 March longstop date for transaction close.
Carlyle had yet to obtain regulatory approvals in Italy and Egypt, as well as antitrust approvals in Italy, Egypt and Common Market for Eastern and Southern Africa.
So absent an extension being agreed, the transaction could be terminated in accordance with the provisions of the SPA, Energean explained.
But Energean was committed to the sale under the terms of the SPA, the company said.
It was also still committed to maximising shareholder returns via its dividends - regardless of the sale going through or not.
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