> http://www.investegate.co.uk/Article.aspx?id=200804020701443743R
http://www.imperialenergy.com
http://www.investegate.co.uk/Article.aspx?id=200807040700042799Y




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cyril

nice to have been calling this correctly for the last 3 months!

Just an extract from the approvals doc:
"OVL (ONGC Videsh) had applied for the approval in respect of the ownership of Russian entities by entities controlled by a foreign government. Such approval has yet not been received and OVL is seeking clarification from the FAS regarding the status of this approval.

The filing made with the FAS in respect of anti-monopoly regulations remains under consideration by the FAS.

Accordingly, neither of the Pre-Conditions to the Offer have been satisfied. A further announcement on the progress of the Pre-Conditions will be made in due course."
Not done & dusted yet!

such are the Russkies! ..... no doubt one of their number decided to make a quick tunr by shorting! ...... i have little doubt that all will come right in due course - i.e. within the next 2/3 months or maybe sooner

clearly a lot of others also believe that the real (lol) approval will be granted by FAS in the not too distant future ...... took my life in my hands and bought a few more on the dip and of course now have a problem as to whether or not to bank that bit of useful profit ...... greed is a terrible thing!

was a good boy and top-sliced at 1077

If approval is still weeks away (or more) then the sp may well slide back down sub 900p, imo. I would think it's best to keep trading them just in case.......

I think final clearance came friday evening, plenty of reports on web, see one example below.

So its just down to completion now, any one with any ideas on price action tomorrow morning?

Russia clears Imperial Energy deal with ONGC Videsh
MOSCOW: Russia's anti-trust watchdog yesterday cleared the acquisition of UK-listed Imperial Energy by ONGC Videsh Ltd allowing the Indian energy major to close the $2.58 billion deal.

The Federal Anti-monopoly Service (FAS) has given a positive response to the Jarpeno Ltd, controlled by the ONGC, which had applied for the acquisition of 100 percent equity in the Imperial Energy, leading business daily Kommersant reported.

Quoting FAS spokesman the paper reported that permission, which come into immediate effect was given yesterday after the Natural Resources Ministry clarified that Imperial Energy's Russian assets in Tomsk region of Siberia are not of strategic importance .

The daily noted that anti-trust watchdog cleared the deal after the Petroleum Minister Mr Murli Deora had met the Prime Minister Mr Vladimir Putin on Wednesday.

There are contradictory news items coming out which are clouding the issue a bit.
Where did your report come from, tf? (Not Kommersant but the news agency)
The last RNS is as I posted #715, which stated that approval had NOT yet been given. Sorry to doubt your post, who released the news?

clearly a bundle of stops hit this morning as the news is the same as friday .... have just bought back my top slice at 925

and a few more at 900 as i am a greedy bastard

a useful extract (below) from the latest RNS ..... seems to me all is chugging along quite satisfactorily, though as always, with the parties involved (perceived racist comment avoided!), nothing should be taken for granted until all is signed.


Anti-monopoly approval
Further to an announcement earlier today, OVL has now received the approvals from the FAS in respect of the anti-monopoly regulations. Therefore, Pre-Condition (ii) referred to above has been satisfied.
As announced by OVL on 7 November 2008, in connection with Pre-Condition (i), OVL has applied for the approval in respect of the ownership of Russian entities by entities controlled by a foreign government. Such approval has, as yet, not been received and OVL has sought clarification from the FAS regarding the status of this approval. Accordingly, at the time of this announcement Pre-Condition (i) remains to be satisfied and a further announcement regarding this Pre-Condition will be made in due course.

Assuming this takes a while longer to complete, sp may well drift sub 900p again, imo. Worth taking profits for all those 'greedy b*stards' out there! ;o)

have just banked my "bought back topslice" at 981 ...... +/-65p in a couple of hours is very satisfactory thank you ...... therefore still hold the "greedy bastard" bit + those left from friday

given that sales go on first in first out basis, not quite sure what my averaged purchase price now is.

BE CAREFUL!!!

"LONDON, Nov 10 (Reuters) - ONGC Videsh spokesman:

* ONGC Videsh is working towards 'quickly and efficiently' closing Imperial takeover

* ONGC Videsh declines comment on report they want to renegotiate Imperial bid

more importantly, just appeared, if it is actually correct this time!!!


Russia's anti-trust service has decided the acquisition of Imperial Energy by ONGC needs no approval from the Russian government's commission on foreign investment, an official at the service said on Monday.
'Since the company does not have strategic assets, we decided preliminary control is not needed and we have sent ONGC our decision,' the head of the service's foreign investment control department Svetlana Levchenko told Reuters.

What worried me a little is just the mention of a renegotiated bid price.

Indian state-owned oil company ONGC has not tried to renegotiate its takeover bid price for UK-listed Imperial Energy, sources close to both sides said on Monday, despite a report that New Delhi may try and cut the price.

Would not surprise me if there were not some crafty longs and shorts going on with these announcements,....persons or people knowing before trading...."insider dealing" possibly !.

insider dealing - oh yes - buy this bargain & sell!!

Always suspect the worse...comes as less of a surprise !.

have been happy to hold a core and trade others and shall continue to do so ..... i assume you do not suspect so much evil that you have gone short here!

Not very good at CFD's I'm afraid !....you have to watch them night and day....cannot be in front of the computer so much, but I have a small holding and I'm just waiting !.