Carlyle increases bid for PetroPlus

RIVR Acquisition BV, the bidding vehicle representing the Carlyle Group, Riverstone and members of PetroPlus' management, is reported to have increased its bid for the Dutch oil company, PetroPlus. The deal is now valued at approximately €522.6m, an increase of 10% on the original valuation of around €472m. Carlyle and Riverstone will finance the acquisition through their $1.1bn (€840m) joint venture power and energy fund. Barclays Capital is acting as the exclusive deal manager for the debt offer, which is extended to mid-February when the consortium will officially announce its bid, timed to coincide with the release of the energy company's 2004 annual results. RIVR is also reported to have been pressured into increasing the buy-back price for PetroPlus' outstanding senior debt after an earlier tender offer of 104% over par failed to entice bondholders. The new offer of 108.75% will have to win over a majority of the bondholders for the takeover to proceed.

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