Medco awaits ruling from Australia on Novus battle

摘要

Indonesia's Medco Energi will wait for the Australian government's Takeovers Panel to decide whether a management-led bid for Novus Petroleum is valid before re-assessing its offer of AUSl .74/share (US1.33) for the Australian E&P independent,launched last month.At an extraordinary general meeting last week,over 90% of Medco's quorum of shareholders approved the management's acquisition bid for Novus,but there are no plans yet to revise the offer price in light of a rival bid,a Medco spokesman said Jan 26.