Worldview wins long-running battle to control Petroceltic
Activist investor Worldview won its long-running battle to take control of Irish oil explorer Petroceltic.
The Dublin-based group's largest shareholder, Worldview, campaigned over the last 19 months for changes to the board and the strategic direction of the group.
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Petroceltic, which received a three pence per share offer from Worldview in February, said the latter had been identified as the successful investors in the sale of the company.
"The examiner … expects to proceed to sign an investment agreement over the coming days which will result in Worldview taking control of the entire group," Petroceltic said in a statement today.
Petroceltic was placed in examinership in March, an Irish legal process which is similar to administration in Britain.
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Petroceltic, which operates in Algeria, Egypt, the Black Sea and the Kurdistan region of Iraq, has been struggling with low oil prices since Dragon Oil reneged on a bid to buy it in 2014.
The companies have been locked in a long-running feud over Petroceltic's governance. Worldview had lobbied for chief executive Brian O’Cathain to be removed from the board, and wanted shareholders to appoint different directors to those backed by the Irish firm.