Mozambique was the first most targeted nation for value for mergers and acquisitions in Africa in the first six months of 2013, according to a sub-saharan Africa Investment Banking Analysis report for the first half of the year, authored by Thomas Reuters.
The South easternmost country on the continent accounted for 42% of activity due to PetroChina's acquisitions of 28.57% interest in ENI East Africa from Italian major ENI and a $2.5 billion offer for Videocon, the report revealed.
Nigerian companies acquired four acreages from a partnership including Shell, Total and ENI, in deals worth a total of $2.3 billion in Nigeria in 2012. The same year, Total on its own sold its 20% stake in an acreage to China Petrochemical Corp (Sinopec) for $2.4 billion. Nigerian Oando's ongoing acquisition of ConocoPhilips' stakes in six acreages in Nigeria for $1.70 billion is scheduled to be completed in September 2013, but this has been Mozambique's year, with a single deal netting $4.2 billion. The acreage is ENI operated deepwater Area 4, where ENI clains its discoveries in two hydrocarbon complexes total over 70 tcf of gas.
The Thomas Reuters report said South Africa was the next most targeted nation with 28% of activity. Nigeria followed with 10%.
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