OVL to acquire 10% stake in Anadarko for USD2.6 billion
ONGC Videsh Ltd (OVL) had announced its planned acquisition of a 10% stake at Anadarko Corp. The latter is a major energy firm in the US. OVL planned to acquire a stake from the company in a Mozambique gas field. The deal was priced USD2.6 billion this week which was also the fourth acquisition by the state-owned OVL this year.
Under DK Sarraf, OVL had transformed the company from a timid firm into a potash aggressor. In fact, the company had stitched more than USD11 billion worth of deals since September last year. In a day or two from now, the acquisition deal was said to be announced by OVL said sources who asked not to be identified as the matter was still held private in nature.
OVL planned to buy the 10% stake of Anadarko in Mozambique's offshore Rovuma Area 1. Last June 25, the company also announced acquisition of the 10% of Videocon in the same field.