Business Nigeria: Seplat Wins Extension of Deadline to Finalize Afren Takeover

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LequteMan

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Nigeria's Seplat Petroleum Development Company has won an extension to a deadline for announcing whether it intends to make a firm offer for oil producer Afren, Reuters reports.

"The board of the company has received the consent of the UK Takeover Panel for an extension to the deadline until 1700 GMT on 30 January 2015 to enable the parties to continue their ongoing discussions," Afren said in a statement.

Seplat had earlier this month made a preliminary approach to take over Afren and faced a Jan. 19 deadline to firm up the deal.

Seplat, which lost out on the assets that Shell divested in October, has been on the hunt for acquisitions in Nigeria, encouraged by falling oil prices.

#Nigeria #Seplat #Afren

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