Archive for the ‘BVI Company Mergers & Acquisitions’ Category

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BVI corporation purchases stake in Pan American Energy from BP

Monday, November 29th, 2010

Yesterday, British Petroleum (BP) has agreed to sell its 60 percent stake in Pan American Energy, which is the second largest producer of oil and gas in Argentina, to Bridas Corporation, a British Virgin Islands-incorporated joint venture engaged in oil and gas exploration in Argentina. After the sale, Bridas will have total ownership of Pan American.

The sale which will cost 7.06 billion dollar is expected to be completed next year. According to the statement of British Petroleum, the deal was part of its plan to divest up to 30 billion dollars of assets by the end of 2011 to cover costs incurred during the Gulf of Mexico oil spill at BP drilling rig. So far, BP raised 14 billion dollars from asset sales.

The BVI-registered Bridas Corporation is 50%-owned by Cnooc International, the international subsidiary of China National Offshore Oil Company, and 50% by Bridas Energy Holdings.

Posted in Agreements and Contracts concluded, BVI Company Contracts, BVI Company Joint Ventures, BVI Company Mergers & Acquisitions, BVI IBC Business News | No Comments »

BVI-registered Talon Metals acquires exploration projects in Brazil

Thursday, May 28th, 2009

BVI-registered mineral exploration company Talon Metals Corporation announced that it has concluded an agreement with a private company Kmine Holdings Ltd., to acquire full interest in its Brazilian subsidiary Bancor Mineracao Ltd. Bancor which is to be purchased by BVI company has eight areas in the Sergipe and Alagoas States of Brazil, comprising a total of 36,402 hectares, for which it already holds or has applied for potash exploration licenses.

The existing exploration data, concerning the acquired project, will be reviewed as part of Talon’s exploration program. Under the terms of the agreement with Kmine, the BVI company has acquired a 100% interest in Bancor for cash payments of US$20 million, payable over 10 years, of which US$375,000 was payable on closing of the agreement. By terms of the agreement, Talon may withdraw from it at any time and return the shares of the Brazilian company to Kmine.

Mr. Stuart Comline, President and CEO of Talon, has commented that the acquisition of the potash exploration licences in Brazil answers company’s strategy to acquire interests in holdings that have the potential to become substantial projects.

Also, Talon was recently awarded the exploration rights from the Departamento Nacional de Produçao Mineral (“DNPM”) to the Juruena Gold Project in Brazil. Now the BVI company undertakes more detailed assessment of previous mining and exploration at Juruena, to formulate a strategy to maximize the value of the project for Talon.

In this press release, the company also published an update on its agreement with the BVI company Saber Energy Corp., and informed that it continues due diligence review on the Saber CBM projects in Botswana.

Posted in BVI Company Mergers & Acquisitions, BVI IBC Business News | No Comments »

Nam Tai Electronics issues cash offer with purpose to privatize its subsidiary

Thursday, April 9th, 2009

Nam Tai Electronics, Inc., a BVI company working in the sphere of electronics manufacturing and design services, announced some weeks ago that, along with its 74.88%-owned subsidiary Nam Tai Electronic & Electrical Products Limited, listed on a HK Stock Exchange, jointly announced the issuance of Nam Tai’s formal conditional cash offer to the independent shareholders of NTEEP, to purchase for US$0.19 per share the shares of NTEEP that are not already owned by Nam Tai.

Nam Tai’s cash offer follows its intent to privatize its subsidiary, and is conditional upon Nam Tai receiving acceptances and/or purchases totaling at least 90% of the NTEEP shares held by its independent shareholders. If successful, the total cash consideration to privatize NTEEP will amount to approximately US$43 million.

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Gottschalks loses deal with BVI-based Everbright and files for bankruptcy

Thursday, February 19th, 2009

Gottschalks Inc., the regional department store chain headquartered in Fresno, California, announced that it filed to reorganize under bankruptcy protection, and said that it will pursue the possibility of company’s sale or another transaction. Now Gottschalks is seeking permission for the court to conduct an auction of the company around March 17.

In November 2008, the company had reached an agreement with British Virgin Islands-registered corporation Everbright Development Overseas Ltd., providing financial and logistical services for US-China merchants and manufacturers. The BVI company was going to invest up to $30 million in Gottschalks Inc. – for the exchange of about 29% of Gottschalk’s common stock. As a result of the deal, Everbright would have owned 75% of company’s common stock. However a month ago this deal fell through on Everbright’s initiative, although Gottschalks remained in discussions with Everbright, as well as with another party. According to some sources, this was El Corte Ingles, Spain’s largest department store retailer which owns about a 16% stake in the California retail chain. Gottschalks could not be reached for comments to prove this information.

In the continuing economy downturn, failing of the purchase agreement with the BVI-registered Everbright became one of the reasons of Gottschalks’ falling down. Now the shares of the company fell 39%.

Gottschalks, which operates 58 department stores and three specialty apparel stores in the western United States, hopes to continue conducting business as usual without interruption while reorganizing and trying to find a third-party investor or sell the business.

Posted in BVI Company Contracts, BVI Company Mergers & Acquisitions, BVI IBC Business News, Investors' News | No Comments »

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