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A drilling rig.
A drilling rig.
(Paul Wolf/Getty Images/iStockphoto)

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Cash-strapped Sterling faces hostile bid

Time is running out for Sterling Resources.

For months the Calgary-based junior energy player, with assets in the U.K., Romania and France, has been cash-strapped, and now its biggest shareholder has launched a hostile bid to buy the entire company.

Late Tuesday, a subsidiary of the Vitol Group, which ships crude around the world, announced an all-cash bid for the troubled target, valuing the company just shy of $200-million. The bid comes less than a month after Vitol underwrote a $12-million (U.S.) loan to Sterling, which offered some emergency funding.