CHINA’S biggest private conglomerate is closing in on its first takeover of a listed Australian company, with Fosun having acquired almost half of Roc Oil after a protracted offer period.
As at 29 October, Fosun subsidiary Transcendent Resources had acquired 62.4 per cent of the Australian company after a two-and-a-half month offering.
Having interrupted an ongoing takeover bid by Australia’s Horizon Oil, Fosun offered $474 million for Roc, announcing on 4 August that it had entered into a bid implementation agreement to acquire the company for 69 Australian cents per share.
With the Horizon bid terminating as a result, the offer period for the Fosun bid has been extended to 14 November from the original 15 October deadline.
Roc Oil’s major shareholder, Allan Gray Australia, accepted the offer on 3 October.
Japan’s Mitsubishi UFJ Financial Group became a substantial shareholder in Roc in mid-October, acquiring 5.71 per cent of the company.
At the same time, an entity backed by Morgan Stanley increased its share holding in Roc from 5.71% to 7.31%.
Roc has since announced the appointment of Fosun nominee Bin Zhao as a non-executive director of the company.
Mr Zhao has been the president of Fosun Group since 2011, and has previously held positions with Shanxi Power and Shanxi Jinneng Corporation. He is also adjunct professor at Shanxi University of Finance.
Roc Oil operates Zhao Dong oilfields and Block 09/05 in Bohai Bay, has production interests in the Beibu Gulf, as well as prospects in Malaysia’s Balai Cluster and the Beibu Gulf.