The projection and forward-looking statements that are made in this presentation are intended to qualify for the safe harbors contained in the US Securities Act of 1933, as amended, and the US Securities Exchange Act of 1934, as amended.
By their nature, forward-looking statements involve risk and uncertainty and therefore should not be relied upon.
The Offer will not be made, directly or indirectly, in or into the United States of America, Canada, Japan or Australia and these materials are not an extension of the Offer in the United States of America, Canada, Japan or Australia.
Accordingly, copies of these materials are not being, and must not be, mailed or otherwise distributed or sent into or from the United States of America, Canada, Japan or Australia.
21st December, 2000
ENI
RECOMMENDED CASH OFFER BY LAZARD AND J.P. MORGAN
ON BEHALF OF AGIP INVESTMENTS FOR LASMO
Not for release, publication or distribution in or into the United States, Canada, Australia or Japan.
Summary
Eni and LASMO announce that they have agreed the terms of a recommended cash offer for LASMO to be made by Lazard and J.P. Morgan on behalf of Agip Investments, a wholly-owned subsidiary of Eni.
The Offer will be 200 pence in cash for each LASMO Share, valuing the whole of the issued share capital of LASMO at approximately £2,690 million.
The Offer represents a premium of approximately 12 per cent. over the Amerada Hess cash and share offer for LASMO as at 20 December 2000, the last business day prior to this announcement, and approximately 75 pence per LASMO Share more in cash than the Amerada Hess offer.
The Offer represents a premium of approximately 42 per cent. to the Closing Price of 141 pence per LASMO Share on 3 November 2000 the last business day prior to the announcement of the Amerada Hess offer on 6 November 2000.
Agip Investments has received irrevocable undertakings from certain institutional investors to accept the Offer in respect of a total of 341,666,329 LASMO Shares, representing over 25 per cent. of the issued share capital of LASMO.
A Loan Note Alternative will also be made available.
Commenting on the announcement
Mr Vittorio Mincato, Chief Executive of Eni, said:
"With the acquisition of LASMO, we will achieve our announced production target of at least 1.5 million barrels per day and further strengthen our position in two of Eni's core areas: North Africa and the North Sea.
We will also establish a foothold in the Asian gas market and an operating presence in Venezuela. The acquisition meets our strict financial criteria and it will be value enhancing."
Antony Hichens, Chairman of LASMO said:
"Today's all cash offer from Eni unlocks even greater value for LASMO shareholders than the Amerada Hess offer.
Talks on asset disposals held earlier in the year which led to the offers for the company highlight the value of LASMO's asset portfolio and its attraction to a growth-oriented industry buyer such as Eni.
In recommending the higher cash offer today, the board of LASMO is following its commitment to crystallise and deliver maximum value for shareholders."
Source:E.N.I
© 2000 Mena Report (www.menareport.com)
