Antonoil shares jump on Schlumberger buy

Taking a piece: Schlumberger has taken a 20.1% stake in Antonoil

AP Photo / Xinhua, Liu Ke

By Andrew Hobbs & news wires

 09 July 2012 04:38 GMT

Shares in Hong Kong-listed Anton Oilfield Services (Antonoil) jumped as much as 15% on Monday after US oilfield services player Schlumberger acquired a 20.1% stake in the company.

Antonoil, one of the few privately controlled domestic oilfield service companies operating in China, saw its share price rise as much as 15.3% to HK$1.73 in early trade, beating a 0.5% drop in the benchmark Hang Seng Index. The stock was at HK$1.65 at the time of reporting, an increase of 10%.

Reuters estimated the value of the 423,361,944 share stake was at about US$80 million, based on a total market capitalisation of $408 million as of Friday's close.

Mirae Asset Securities Research maintained its "buy" rating following Monday’s announcement and raised its…

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