By Lisa Kerner
Charlotte, N.C., May 29 - Pogo Producing Co.'s board of directors approved a definitive agreement to sell all of the outstanding stock of its wholly owned subsidiary, Northrock Resources Ltd., to Abu Dhabi National Energy Co. for $2 billion in cash. The sale is slated to close in the third quarter of 2007.
The transaction is a significant step in Pogo's strategic alternatives process to unlock unrealized value from its asset base, a company news release stated.
Pogo, a Houston-based natural gas production and exploration company, is continuing to explore other strategic alternatives, including the possible sale of the company or certain assets.
Abu Dhabi National Energy is an energy company with offices in Abu Dhabi, United Arab Emirates; Ann Arbor, Mich., and the Hague, the Netherlands.
| Acquirer: | Abu Dhabi National Energy Co.
|
| Target: | Pogo Producing Co.'s Northrock Resources Ltd. subsidiary
|
| Transaction value: | $2 billion
|
| Announcement date: | May 29
|
| Expected closing: | Third quarter of 2007
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
