SEBI exempts BP Amoco from public offer

CIL and FIL, the target companies, are indirect subsidies of BC, which has a 51 per cent stake in the former and 58 per cent in the latter, it added. 8220;Since there is neither direct acquisition of target companies nor transactions entered into for the purpose of acquiring controlling stake in target companies, BP Amoco and BC are exempted from making public offer,8221; the regulator said.

The takeover was a sequel to the global restructuring agreement between UK-based BP Amoco and Burmah Castrol after the former8217;s acquisition of the latter in an all cash deal a few months back.

Considering the complexities involved in cross-border acquisitions, the takeover panel headed by former Justice P N Bhagwati, had earlier asked the regulator to take a decision case-by-case depending on the specific circumstances of such acquisitions before granting exemption, but SEBI had asked the committee to make recommendations on such matters.