InterOil chairman ponders challenge against court decision

InterOil is considering challenging the Supreme Court of Canada’s decision to uphold an appeal against InterOil’s sale to ExxonMobil.

Business Advantage PNG reports that InterOil Chairman, Chris Finlayson, says he will challenge the decision by the court to stop the $US2.5 billion (K7.9 billion) transaction from taking place.

Meanwhile, founder and former Chairman of InterOil, Phil Mulacek, tells Business Advantage PNG  that he is open to dialogue.

On November 4, 2016, the Appeal Court of Yukon overturned the Yukon Supreme Court’s ruling that approved ExxonMobils proposal to purchase InterOil.

This followed the approvals of both ExxonMobil and InterOil Boards in July for the transaction to proceed.

ExxonMobil has since declined to comment on the ruling, however, InterOIl says the company ‘continues to believe that the current Arrangement Agreement represents compelling value for all InterOil shareholders’.

Meanwhile, in a statement to Business Advantage PNG, Phil Mulacek, said the Court of Appeal had discovered a flawed corporate approval process for the proposed.

He said he remains disappointed at the InterOil Board and managements refusal to cooperate with him and continue to dismiss his concerns regarding the proposed sale.

However, Mulacek says he and other board members are open to consideration of a sale to ExxonMobil  but only if it is financially fair and transparent.





Cedric Patjole