Total Says It Doesn’t Plan to Rival Exxon’s Offer for InterOil

[SupaSage2003]

Well, looks like no bid from Total.  I guess Exxon it is!

Total Says It Doesn’t Plan to Rival Exxon’s Offer for InterOil

Thursday, July 21, 2016 05:50 AM

by Dan Murtaugh

(Bloomberg) -- Co. said it will not counter Exxon’s bid for Papua New Guinea gas explorer because its initial offer with Oil Search represented fair value, co. spokesman says by e-mail.

• EARLIER: Exxon Takes the Lead in InterOil Hunt as Oil Search Bows Out (3)

[Li'loilady]

Good quick find, Supa.  Thanks for letting us know.

Personally?  I don't see another SM trying to muscle into this.  There seems to be a real balance of power here.  It feels right to me – but the price is wrong.

Just my initial impressions after getting over the shock.

[Tree]

No surprise. Consistent with yesterday's TOT statement.
Welcome to PRL15 Rex. Are you interested in another 41%?

[davidhmtk]

No surprise. Consistent with yesterday's TOT statement. Welcome to PRL15 Rex. Are you interested in another 41%?

There is no new statement here from Total, no source other than the initial PR - which said " If we bid, we will offer enough gas for a 3rd train to Exxon, so don't counterbid."   They could have issued a "not-going-to-bid" statement, but chose not to.   The Bloomberg story is blithering idiocy.

[Stavros]

No surprise. Consistent with yesterday's TOT statement. Welcome to PRL15 Rex. Are you interested in another 41%?

There is no new statement here from Total, no source other than the initial PR - which said " If we bid, we will offer enough gas for a 3rd train to Exxon, so don't counterbid."   They could have issued a "not-going-to-bid" statement, but chose not to.   The Bloomberg story is blithering idiocy.

Yes indeed David.

Some people are very quick to say "I told you so"

Some people were quick to say "ExxonMobil will not bid"

[Li'loilady]

No press release on Total's website about this.

[Li'loilady]

Supa - Do you have the link to this?

[Li'loilady]

Supa - Do you have the link to this?

Found it.  It's real.  I just can't tell if it's true.

" A Total spokesman said by e-mail that it won’t make a counter offer because its original bid represented fair value. InterOil officials said they planned to release a statement later Thursday."

Not a Total press release.  "A Total spokesman said by email…"??? Weird

http://www.bloomberg.com/news/articles/2016-07-21/oil-search-won-t-raise-interoil-bid-as-total-weighs-options

[SupaSage2003]

Supa - Do you have the link to this?

I don't have a link but I was sent the article from my broker and was told the article came directly from Bloomberg. I'm 100% sure the news item is legit in terms of coming from Bloomberg.  I pay my broker a LOT of money.  Lol!

Strange that there's not Total press release though.

[CAC]

[quote='Tree' pid='74506' dateline='1469096546'] No surprise. Consistent with yesterday's TOT statement. Welcome to PRL15 Rex. Are you interested in another 41%?

There is no new statement here from Total, no source other than the initial PR - which said " If we bid, we will offer enough gas for a 3rd train to Exxon, so don't counterbid."   They could have issued a "not-going-to-bid" statement, but chose not to.   The Bloomberg story is blithering idiocy.

********

David, is this part not a new source?

A Total spokesman said by e-mail that it won’t make a counter offer because its original bid represented fair value.