Vitol to reconsider value of Sterling takeover offer

摘要

London—Global trader Vitol has criticized new financing arrangements made by Canadian explorer Sterling Resources, saying it would now reconsider the value of its proposed $192 million takeover offer for Sterling. Sterling, which holds a number of highprofile upstream assets in the UK North Sea and the Romanian sector of the Black Sea, earlier this month said it would undertake a $225 million bond issue and farm out more equity in the UK Cladhan field to the UAE’s TAQA to help meet its short-term debt obligations and fund the development of the UK Breagh field.