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Intel Notes - April 12th

Deals, Mergers & Acquisitions

- A number of deals related to Algeria’s state-run Sonatrach have already fallen by the wayside due to the country’s political crisis. But more precisely, big deals are being halted or dropped altogether because Sonatrach is likely to come under new investigation related to earlier corruption accusations. This comes in the aftermath of the resignation of President Abdelaziz Bouteflika, with protesters continuing demonstrations to pressure real change in the regime, which includes Sonatrach. Bidding for a majority stake in Greece’s largest refinery, Hellenic Petroleum, has been cancelled definitively. A consortium of Sonatrach and Vitol were expected to make the winning bid. Instead, Hellenic will now pursue a different strategy of expansion through acquisitions, according to our sources in the Greek government. On Wednesday, Algeria’s army boss said that the judiciary would reopen corruption cases against Sonatrach (among others), rendering the state-run oil giant a hands-off entity for partners and new deals right now more than ever. On Wednesday, the interim presidency said elections would be held on July 4. In the meantime, this morning, masses of protesters again took to the streets - this time against the military and the interim presidency, whom they view as attempting to keep the “system” in place, just without Bouteflika.

- And since we’re in the season of busted deals, it’s…

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