Stakeholder Offers $1.5B For Full Ownership Of Essar

Law360, New York (February 18, 2014, 2:23 PM EST) -- The majority owner of London-listed Essar Energy PLC offered to buy out the rest of the company on Sunday at $1.17 per share, valuing the company at around $1.5 billion.

Essar Global Fund Ltd., which owns 74 percent of Essar Energy and is run by investor brothers Shashi and Ravi Ruia of India, had reportedly been considering buying out the full company for some time, and this is the first concrete offer.

"EGFL confirms it is considering making, either itself or as part of a consortium,...
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