From Breakingviews - BP, ADNOC’s Mediterranean debut ticks three boxes
The 12.05 shekel per share offer price implies a 72% premium over NewMed’s Sunday share price. That’s less generous than it seems, given the shares have slumped since last summer.
NewMed also has 45% of the prize Leviathan offshore gas field, the largest in the Mediterranean, and plans to double production to up to 24 billion cubic metres by 2027. On the other hand, the $4 billion NewMed net asset value implied by BP and ADNOC’s bid is some way ahead of the $2.6 billion
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