Algeria: Petroceltic voters hold out for better offer

Contrary to most expectations and also to the recommendation of its board of directors, shareholders in London-quoted but Dublin-based Petroceltic International rejected an offer for their shares from activist shareholder Worldview Capital Management. The company’s fate will now be decided in early May when the court-appointed examiner – effectively an administrator – has called for ‘best and final offers’ for the company. Media reports have suggested that international oil companies may be interested in the company’s onshore Egypt and Algeria assets.