Bulgaria Oks Petroceltic-Melrose Merger

Bulgarian authorities have given the green light to the merger of exploration firm Petroceltic and Edinburgh-based oil and gas producer Melrose Resources, which has major operations in the country.

The Bulgarian Commission on Protection of Competition approved the deal without conditions and all regulatory conditions of the merger had been satisfied or waived, the pair announced.

The deal, which was announced in August, will create a diversified yet regionally focused company, according to Petroceltic. The company has licenses in Algeria and Italy, while Melrose is focused on Egypt, Bulgaria, Romania and Turkey.

The combined group, which will retain the Petroceltic name, will be headquartered in Dublin.

Petroceltic shareholders will hold a 54% stake in the company, while Melrose will have a 46% share.

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