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Vedanta, Murphy, others in race for $1 billion stake in Brazil oil blocks

The banks have issued requests for proposal to the potential bidders after they put in expressions of interest. All four are carrying out due diligence before submitting financial offers, people cited above said.
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20 Sep 2020 2 Mins Read 0 comment
Spokespersons for Murphy Oil, Wintershall DEA and Vedanta declined to comment when contacted. PetroRio had not responded to queries until press time. Agencies
Spokespersons for Murphy Oil, Wintershall DEA and Vedanta declined to comment when contacted. PetroRio had not responded to queries until press time.
New Delhi: The US’ Murphy Oil Corporation, Brazil’s PetroRio, Germany’s Wintershall DEA and Vedanta are competing to acquire a $1-billion stake in four Brazil oil blocks formerly co-owned by Videocon’s oil business division. A consortium of lenders led by SBI now owns the stake after seizing shares held as collateral in a 50:50 joint venture between Videocon and Bharat
costly, according to people aware. “Despite the various challenges due to the pandemic, oil companies who have a war chest will definitely use this opportunity to pursue acquisitions where they can get good bargains,” a top executive at a leading oil producer said on condition of anonymity. “On the whole M&A activity in the oil sector is definitely down.”
New Delhi: The US’ Murphy Oil Corporation, Brazil’s PetroRio, Germany’s Wintershall DEA and Vedanta are competing to acquire a $1-billion stake in four Brazil oil blocks formerly co-owned by Videocon’s oil business division. A consortium of lenders led by SBI now owns the stake after seizing shares held as collateral in a 50:50 joint venture between Videocon and Bharat costly, according to people aware. “Despite the various challenges due to the pandemic, oil companies who have a war chest will definitely use this opportunity to pursue acquisitions where they can get good bargains,” a top executive at a leading oil producer said on condition of anonymity. “On the whole M&A activity in the oil sector is definitely down.”

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