IndianOil-OIL India
Kolkata   24-Mar-2010
State-owned IndianOil and Oil Intlia Ltd today confirmed making an ‘approach’ to takeover the West Asia-focused oil firm Gulfsands Petroleum Pick for an undisclosed cash amount. OIL and IndianOil confirmed that they have jointly made an “approach regarding a possible all-cash offer for Gulfsands," the two firms said in a joint statement to the London Stock Exchange. Sources said the OIL-IndianOil combine did not make a formal bid, but had approached a major shareholder in Gulfsands offering around 315 pence pet share to buy its 22 per cent stake.