Petronas to acquire Star Energy

The Boards of PICL and Star Energy announce that they have reached agreement on the terms of a Recommended Increased Offer for the entire issued and to be issued share capital of Star Energy not already held by PICL.

The Star Energy Directors, who have been so advised by Hoare Govett and Citi, consider the terms of the Recommended Increased Offer to be fair and reasonable. In providing its advice to the directors of Star Energy, Hoare Govett and Citi have taken into account the commercial assessment of the Star Energy Directors. Accordingly, the Star Energy Directors unanimously recommend that Star Energy Shareholders accept the Recommended Increased Offer.

As at the date of this announcement, PICL legally and beneficially owned 36,290,750 Star Energy Shares representing 39.02 per cent. of the issued share capital of Star Energy. PICL has received irrevocable undertakings to accept the Recommended Increased Offer from certain Star Energy Shareholders (including the Star Energy Directors) representing approximately 35.7 per cent. of Star Energy’s existing issued share capital.