London firms advise on lucrative oil merger
4th September 2012
No less than seven firms were called upon to give advice on the lucrative oil merger deal between Irish giants Petroceltic International and Melrose Resources, who are based in Scotland.
Corporate partners and others with some of the most senior London legal jobs were instructed by the companies to oversee a transaction which resulted in final external fees of around £2.36m changing hands.
The takeover itself was agreed in August and will see Petroceltic become almost twice as large; those at the top of the new conglomerate have also stated that one of their ambitions is to have the company floating on the London Stock Exchange in less than twelve months.
The deal cost £170m to complete (estimates reveal legal expenses of roughly £1.24m for Petroceltic and £1.12m for Melrose), and will allow the Irish outfit to expand into previously unchartered territories such as Bulgaria and Algeria for the first time.