NBPOL in £1bn takeover

04-Nov-2014 - Last updated on 06-Nov-2014 at 10:33 GMT

Sime produces large amounts of sustainable palm oil

Related tags Sime darby

New Britain Palm Oil (NBPOL) faces a £1bn takeover after receiving a formal notification from Sime Darby Plantation of its intention to make a cash offer for all issued and soon-to-be issued shares.

The Malaysian-based Sime Darby Plantation, which is the world’s largest producer of certified sustainable palm oil, has made an offer of £7.15 per share, which NBPOL’s board urged shareholders to accept.

Independent committee

NBPOL’s board has established an independent committee to assess the offer and ensure legal compliance is met under the Takeovers Code 1998 of Papua New Guinea.

If the shareholders accept Sime Darby Plantation’s offer, the takeover is expected to be completed by the end of December this year, according to board members.

Transaction

“We are pleased to be able to present this transaction to our shareholders for their consideration,” said Antonio Monteiro de Castro, chairman of NBPOL.

The offer would provide an opportunity for all shareholders to realise their investment in the company, he added.