Todd Corp sells 16% stake in Maari, Manaia oil fields for US$17.6M

Mon, 06 Nov 2017

By Paul McBeth Nov. 6 (BusinessDesk) - Todd Corp sold its 16 percent stake in the Maari and Manaia oil fields off the Taranaki coast to ASX-listed Horizon Oil for US$17.6 million as the country's wealthiest family continues to reshape its energy portfolio. Sydney-based Horizon signed an agreement with Todd Maari to buy the stake in the fields, subject to working capital and purchase price adjustments, effective from Dec. 31, it said in a statement. The deal is subject to ministerial approval and Overseas Investment Office sign-off and wi...

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