Middle East Economic Survey

VOL. LIII

No 1

4-Jan-2010

LIBYA

LIA Acquisition Of Verenex Completed

The Libyan Investment Authority (LIA) has completed its acquisition of Canadian exploration firm Verenex Energy, it was announced on 21 December. The Libyan sovereign wealth fund (SWF) acquired through its subsidiary all of the firms issued and outstanding shares for $350mn plus $9.76mn in working capital at $7.09/share, on par with LIAs initial offer. The firm agreed to the offer in November, with...