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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Jordan Electron who wrote (2461)5/30/2001 8:00:18 AM
From: Tomas  Read Replies (1) of 2742
 
Lundin Oil in talks with possible buyers
M2 Presswire, May 30

NORDIC BUSINESS REPORT -- The Swedish independent oil company Lundin Oil AB has issued a brief statement to announce that it is in discussions with other companies regarding a possible corporate acquisition of Lundin Oil.

The company said the discussions were entered in the course of evaluating financing alternatives for the development of its extensive oil and gas reserves.

The possible acquisition would take place in connection with a spin-off of certain assets in the company.

In an interview for the Swedish financial newspaper Dagens Industri, Lundin Oil's CEO Ian Lundin confirmed that the company was in negotiations and said that it was a matter of securing maximum value for the shareholders. Lundin said that considering the high oil prices and the other oil companies' wish to expand the time was now right to sell.

Lundin also said that Lundin Oil was in need of SEK1bn of fresh capital, half of which would have to come from outside the company. In addition the company would soon need to find financing to the amount of some SEK2bn for projects in Malaysia and Vietnam.

Lundin Oil's main shareholder is the company's founder and president Adolf Lundin who holds 23.5% of the capital and 27.6% of the votes. Adolf Lundin has recently reduced his stake in the oil company Vostok Oil from 25.5% to 7.5%.
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