Scottish oil and gas giant Cairn Energy is to make an agreed takeover of North Sea oil producer Nautical Petroleum.
Cairn is offering 450p per share in a deal which values Nautical at around £414m. The terms represent a 51.1% premium to the closing price of Nautical on the trading day prior to the announcement of the bid.
Cairn said the acquisition would expand its existing portfolio in North-West Europe and will further its strategy of balancing its exploration portfolio with appraisal and development assets.
Nautical's oil and gas assets consist of development assets in the United Kingdom North Sea (including interests in the Catcher, Kraken and Mariner fields) and exploration assets in the United Kingdom, Ireland and France.
Shareholders representing around 27.25% of the issued share capital of Nautical have already signed up to accept the terms, which have the approval of the Nautical directors.
Shares in Polymetal International were on Thursday racing ahead after the group reported a record-setting third quarter which saw total gold equivalent production of 413,000 oz, up 30 per cent year-on-year. For the nine months ended September 30th, gold equivalent production totalled 972,000 oz, up 19 per cent year-on-year. [17 Oct '13]
Cairn Energy, the FTSE 250 oil and gas exploration and development company, on Thursday cheered investors with the news it will shortly begin the first in a series of wells along the Atlantic Margin, operating offshore Morocco. [17 Oct '13]
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