Court approves deal

A COURT has finally approved the US$2.5 billion (K7.7 billion) acquisition of InterOil by ExxonMobil.
InterOil said the Supreme Court of Yukon in Canada gave the approval after the close of business last Friday.
The acquisition was unanimously approved by the boards of InterOil and ExxonMobil.
The InterOil board unanimously recommended that its shareholders should approve the transaction. InterOil in a market release noted that the court found the transaction fair and reasonable.
The decision of the Supreme Court of Yukon followed a contested hearing held on September 27.
InterOil founder Phil Mulacek had filed a notice of appeal and requested a stay of the Supreme Court’s decision pending the appeal. Last month during a special meeting, InterOil’s shareholders overwhelmingly agreed to approve the transaction with more than 80 per cent voting in favour of the proposed transaction.
InterOil chairman Chris Finlay had thanked shareholders for their support.
Finlayson said then: “I would like to thank our shareholders for their overwhelming support for this value-creating transaction.
“This transaction delivers shareholders a material and immediate premium, a potential direct cash payment based on the Elk-Antelope resource certification and exposure to future value through ownership of ExxonMobil shares.
“We look forward to continuing to work with ExxonMobil to satisfy the last required conditions and to completing the transaction promptly.”