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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Indonesia’s state oil and gas company, Pertamina, has withdrawn its offer for Houston-based Coastal Energy, Ali Mundakir, vice president of corporate communications, confirmed to Interfax on Thursday.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 Asia Pacific / Companies & Finance 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Indonesia’s state oil and gas company, Pertamina, has withdrawn its offer for Houston-based Coastal Energy, Ali Mundakir, vice president of corporate communications, confirmed to Interfax on Thursday.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...