Pertamina drops Medco acquisition plan
Alfian, The Jakarta Post, Jakarta | Wed, 12/01/2010 10:58 AM
State oil and gas firm PT Pertamina says it will drop its plan to acquire a stake in Medco Energi Internasional.
Pertamina wanted to acquire an indirect 27.9 percent stake in the energy company by acquiring Medco shareholder Encore International. Pertamina and Encore previously agreed to evaluate the acquisition until Nov. 30.
"By the end of the period, the two parties agreed not to proceed with the transaction," Pertamina spokesman Mochamad Harun said in a press statement on Wednesday.
Harun declined to give reasons for the decision.
The House of Representatives Commission VI overseeing state enterprises and Commission VII overseeing energy and mining asked Pertamina to drop its acquisition plan last week.
