Companies & Finance

Pertamina withdraws offer for Coastal Energy

Indonesia’s state oil and gas company, Pertamina, has withdrawn its offer for Houston-based Coastal Energy, Ali Mundakir, vice president of corporate communications, confirmed to Interfax on Thursday. "The price didn't meet our expectation," said Mundakir.
By James Burbridge 22 November 2012 0 14411

Indonesia’s state oil and gas company, Pertamina, has withdrawn its offer for Houston-based Coastal Energy, Ali Mundakir, vice president of corporate communications, confirmed to Interfax on Thursday. "The price didn't meet our expectation," said Mundakir.

Pertamina approached Coastal with a takeover proposal in early November. However, news of the Indonesian company’s interest in acquiring the Southeast Asia-focused explorer began circulating in September, causing Coastal’s share prices to reach a 12-month high of C$21.5 ($21.6) on 7 November.

In an effort to stem speculation over the deal, Coastal...