No Deal

The deal is off.

Fijian Holdings Limited's acquisition of BP South West Pacific has been terminated.

In a FHL market announcement in the last hour, it states that both parties have mutually agreed to terminate the Sale and Purchase Agreement signed in December last year.

As per the agreed conditions, BP South West Pacific will return 100 percent of the original deposit and additional deposits amounting to about $25 million to Fijian Holdings.

FHL Managing Director Sereana Qoro said it is a business decision reached amicably by FHL and BP South West Pacific considering the time and effort the project has taken to date.

Qoro said FHL has exercised its best endeavors in dealing with international banks but the delay was beyond their control.

She said this is not the end of the road for Fijian Holdings.

Qoro said in fact, the divestment of Fosters shares and the refund of the full BP deposit to Fijian Holdings puts FHL in a much stronger position in terms of cash flow and net asset position.