Oct 19 (Lagos) - ExxonMobil has concluded plans to sell its 60% stake in MOBIL
Nigeria Plc to NIPCO Petroleum.
This deal would create 4th largest downstream player in Nigeria.
NIPCO currently has more than 200 outlets which is roughly the same size as MOBIL
Shares of MOBIL
traded higher today before settling at no same price as yesterday.
We can expect some major movement in this stock price because of announcement of this deal which is yet to be concluded. So shares still have to be exchanged between the two Companies.
The deal could be in the region of N 100 billion so shareholders of MOBIL
will be smiling now because their shares are going to be in demand. NIPCO is not listed on the exchange so they may decide to buy out minority shareholders to take the Company private.
reporting for easykobo.com on Wednesday, Oct 19 2016 from Lagos, Nigeria
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