bp: confirms joint bid for Israel's NewMed

(CercleFinance.com) - On Tuesday bp confirmed that it has submitted a draft offer, alongside its Emirati partner ADNOC, for the acquisition of the Israeli company NewMed Energy.


The British energy group said that this "non-binding" offer would cover the company's free float as well as the acquisition of part of Delek's current stake.

At the end of these operations, bp and ADNOC would together control 50% of NewMed's capital.

In the deal, bp and ADNOC say they intend to create a new joint venture specialising in international gas projects, with a particular focus on the Eastern Mediterranean.


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