Tanzanian upstream merger nears

Maurel & Prom is building support for its acquisition of Wentworth, but at least some shareholders are opposed

French independent Maurel & Prom’s proposed acquisition of AIM-listed Wentworth Resources will face some shareholder opposition. Investment fund managers Fidelity International, which directly and indirectly holds 11.87pc of Wentworth’s shares, has notified that “that it intends to vote against the acquisition”. For the deal to proceed, shareholders representing at least 75pc of voting rights need to approve the acquisition. Maurel & Prom has already secured “irrevocable undertakings to vote in favour” from shareholders with a combined stake of around 23.14pc. The general meeting and vote will take place on 23 February. The French firm’s latest offer is for all of Wentworth’s shares