Atlas Energy Mulls Joint Venture With Reliance Industries (ATLS)
Posted in: M&A, Intraday Update
US natural gas company Atlas Energy (NASDAQ: ATLS) is currently in talks with Reliance Industries, an Indian conglomerate. Atlas Energy (ATLS) is nearing a pact with Reliance for a joint venture. Reliance is expected to pay $1 billion-$1.5 billion for its stake. Both the companies are likely to become equal partners in the venture.
Atlas had been looking for a partner to develop its operations in the Marcellus Shale. The company owns 584,000 acres in the Shale. Atlas is also in talks with other companies such as Sempra Energy (NYSE: SRE), however Reliance has emerged to be the main contender. If successful, Reliance will become the first Indian company to buy into the Marcellus.
(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
We're Loving
