UK's BowLeven agrees full takeover of FirstAfrica Oil

摘要

London-UK-based explorer BowLeven has reached an agreement with the board of troubled minnow FirstAfrica Oil for its GBP30.1 million (56.78 million) all-share takeover offer, a deal that will allow BowLeven to increase its exposure in West Africa. Under the offer, FirstAfrica's shareholders will receive one new BowLeven share for every 190 FirstAfrica shares with no cash alternative. BowLeven said November 15 it had approached FirstAfrica with a takeover proposal as part of moves to grow its West African upstream assets.