How will Algeria respond to Petroceltic takeover?
Issue 321
- 15 Apr 2016
| 2 minute read
The brutal takeover of Dublin-based and London-listed oil company Petroceltic International by activist shareholder Worldview Capital will test the extent to which the need for foreign investment now trumps Algeria’s resource nationalist instincts – which have driven much energy sector and broader economic policy-making over the past decade. Petroceltic’s shareholders have until 14 April to agree a proposal from a Worldview subsidiary which values the company at just $6.42m. The company’s board has recommended accepting the offer as the shares are otherwise likely to be worthless.
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