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Article: Bid battle looms as Enterprise rejects offer from mystery suitor
- Article from:
- The Independent (London, England)
- Article date:
- January 9, 2002
- Author:
CopyrightCopyright 2002 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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ENTERPRISE OIL yesterday revealed it had rejected a takeover bid
from an unnamed suitor, though speculation centred on Eni of Italy
and the US players Anadarko Petroleum and Amerada Hess.
Shares in the last remaining large UK oil and gas independent
jumped 21 per cent to 605p, valuing the company at pounds 2.9bn,
despite the rebuff as the market bet that a bidding war would now
break out.
Enterprise was forced to put out a short statement by the Takeover
Panel after its shares moved up sharply in the last four trading
days. Enterprise shares had previously been on a downward trend since
hitting 657p in February 2001. An industry source said the approach
was unsolicited and unwelcome and it ...