Houston-Verenex Energy said December 11 that its shareholders have approved the takeover of the exploration and production company by a Libyan government agency. Pending Canadian court and regulatory approval, the Libyan Investment Authority will own all Verenex shares, according to a statement from the Calgary-based company. The final transaction value is to be determined following final governmental approval in Canada, Verenex said, adding that the "previously announced cash purchase consideration of $7.24 per share (including the working capital component) is still within range."
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