Australia's Mission NewEnergy in talks to take over D1 Oils

Mission NewEnergy (ASX:MBT) has disclosed it has held detailed discussions with the board of D1 Oils PLC (LON:DOO)  with a view to progressing an all share offer by Mission for the issued share capital of D1 Oils.

The Board of D1 Oils Plc said it is proceeding on the basis of an in principle agreement that Mission's offer will value D1 Oils at £16 million, based on the new Mission share price.

Mission said "there can be no certainty that an offer will be made for D1 Oils plc or the terms on which any such offer may be made."

Mission a global renewable energy provider with operations in Australia, Malaysia, India and Mauritius.

D1 Oils is engaged in the farming of Jatropha curcas, an alternative, sustainable feedstock for biodiesel.