$20 buyout? For the second time in less than a year, Coastal Energy Corp., a Houston-based, TSX-listed company with assets in Thailand and Malaysia has become the subject of a takeover from a foreign controlled company with links to a foreign government.
This time round, the would-be acquirer — according to documents seen by Financial Post — is Jynwel Capital Limited, an international private equity investment and advisory firm, based in Hong Kong.
Plans call for the $2.3-billion acquisition to be made through Jynwel’s wholly owned subsidiary Strategic Resources (Global) Limited and a Spanish company, Companie Espanola de Petroleos S.A. (In 2011, CEPSA was acquired by International Petroleum Investment Corp. an entity formed by the Abu Dhabi government in 1984.)
“The proposed acquirer will be a newly established entity wholly owned by SRG and CEPSA,” said a letter written by CEPSA and dated early September. Goldman Sachs is acting for the potential acquirer.