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ONGC to go ahead with Imperial Energy takeover

Wednesday, December 31, 2008 1:30 pm
By ShareGyan.com NewsDesk

Oil company ONGC said 97% of Imperial Energy shareholders had accepted its £1.3 billion ($1.89 billion) takeover offer and that it would now move forward with the deal which Imperial feared would fail.
ONGC said in a statement on Wednesday that its offer for Imperial was now unconditional and that the offer remained open for other shareholders to accept.
The state-controlled company will apply to have Imperial delisted.

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