London: The London based Imperial Energy board, on Tuesday, gave a nod to ONGC's 1250 pence per share cash offer for a 100 per cent stake. Its 62 per cent higher than ONGC's earlier offer.
Imperial shareholders have 45 days in which to approve the bid.
The deal attracted attention as ONGC Videsh Ltd (OVL) was facing competition from China Petroleum and Chemical Corp (Sinopec).
The Chinese oil major has indicated that it may counter bid. India and China have been outbidding each other for global energy assets, with China mostly emerging a winner.
(OVL), the overseas investment arm of ONGC thus shed the tag of being a non-aggressive player in the international mergers and acquisitions (M&A) scene.
It will acquire the London Stock Exchange (LSE)-listed Imperial Energy Corporation plc for approximately Rs 11,400 crore.
The prized Imperial Energy Company produced about 10,000 barrels of oil a day in December. By the end of 2011, it aims to produce 80,000 barrels a day, making it quite a catch for energy hungry India that is on an economic surge.
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