Indonesia's Prima buys 28.3% of Jadestone, rules out takeover
What's the deal? Indonesian oil and gas company PT Prima Petroleum EnergiDealroom has a profile for this one. Try Dealroom → has agreed to acquire an approximately 28.3% stake in Singapore-based Jadestone Energy PLCDealroom has a profile for this one. Try Dealroom →. The shares are being bought from funds managed by Tyrus Capital SAMDealroom has a profile for this one. Try Dealroom → under a private share purchase agreement.
The market reaction: Jadestone shares jumped 7.6% to 37.00 pence early Wednesday afternoon in London.
Not a takeover: Prima said it has no intention of making an offer for Jadestone and remains bound by Rule 2.8 of the UK Takeover Code, which limits its ability to bid for a set period. It described itself as "an experienced upstream oil and gas operator in Indonesia" that will support Jadestone as it "continues to deliver long term growth and value creation for all shareholders."
What's Jadestone's response? The company noted Prima's announcement and its statement ruling out an acquisition offer. Jadestone added that it has not yet received independent confirmation of the sale.
The signal: The deal hands an operational partner a substantial minority position without triggering a full bid. For Jadestone shareholders, it swaps a financial holder for an industry player in the same upstream space — a sign of consolidation pressure across Asia-Pacific oil and gas, even where control does not change hands.
Image credit: Generated with Gemini
