Statoil says net interest-bearing debt 24-25 bln nkr vs 14.3 after due diligence |
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Mon, 29 Jan 2007 09:46
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OSLO (AFX) - Statoil ASA said that following the completion of a value verification process ahead of its planned merger with the oil and gas operations of Norsk Hydro ASA, it will have net interest-bearing debt of 24-25 bln nkr as of the end of Dec 2006, compared to the 14.3 bln previously announced.This change, it said, is associated with fluctuations in its working capital.The Norwegian oil giant also said that the net interest-bearing debt attributed to Hydro's oil and gas operations as of the same date will be 1 bln nkr, and not zero as previously announced.This change, it said, relates to the write-down of assets in the Gulf of Mexico.Statoil said the intention of the review has been to verify the information exchanged between the parties prior to the conclusion of the merger agreement.Excluding the above changes, Statoil said all terms and conditions of the merger agreement remain unchanged and are not conditional on any further value verification.alastair.reed@thomson.comar/ambCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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