Bulgaria gives green light to Melrose Resources deal

PETROCELTIC International has been given the go-ahead by the Bulgarian government for the reverse takeover of Edinburgh-based oil and gas producer Melrose Resources, which has major operations in the country.

A court hearing to sanction the deal will be held on 9 October and, if the takeover is given the green light, then shares in the enlarged firm will begin trading on 11 October on the Alternative Investment Market. The pair yesterday said: “Petro-celtic and Melrose are pleased to announce that the Bulgarian commission on protection of competition approved the merger without conditions and all regulatory conditions of the merger have now been satisfied or waived.”

The deal was unveiled in August and will see Robert Adair, executive chairman at Melrose, become non-executive chairman of the new entity.