Trouble for Woodside as Lukoil bids for FAR
Russian oil giant Lukoil has lobbed a non-binding takeover bid for junior oil explorer FAR, emerging once again as a potentially troublesome partner for Woodside Petroleum in its $5.5 billon oil project in Senegal.
Lukoil, which Woodside has already once pre-empted from buying into the Sangomar project, made a conditional 2.2¢ per share cash offer for FAR just a day before shareholders of the explorer were due to vote on the proposed sale of FAR’s interest in Sangomar to Woodside. The offer values FAR at $220 million.
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