A report in Reuters indicates Chinas PetroChina and Indias Indian Oil Corp have lost out to Singapores Temasek Holdings over a bid to buy a 38.4% stake in Indonesias PT Medco Energi Internasional.
Citing an anonymous source, Reuters stated, “PetroChina, IOC and Temasek bid, and Temasek won it.”
“The companies selling the stake are Thailand’s PTT Exploration and Production PCL, and Credit Suisse First Boston, which became a shareholder in Medco via a debt-for-equity swap following the Asian financial crisis,” added the insider.
In a statement Temasek confirmed it has been chosen as the “preferred bidder” for the 38.4% share which has been valued at around US$289 million.
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