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Tuesday, 02 December, 2008, 02:20 GMT | more >>

Burren knocks back $3bn Eni bid



By Upstream staff 

Italian giant Eni said today it had put a £1.48 billion ($3 billion) takeover bid to UK player Burren Energy, but added the offer had been knocked back.

Burren shares leapt over 20% to as high as 1140 pence after Eni said it had made a bid approach pitched at 1050 pence a share, and was still interested in talks.

"Eni continues to seek limited due diligence from Burren, irrevocable undertakings from key shareholders and a recommendation from the board of Burren prior to making a formal offer to all shareholders," Eni said in a statement.

Burren's business model is split between exploration and the purchase of discovered resources which it then brings onstream as efficiently as possible.

Some industry rivals have criticised the company for being excessively focused on the latter and lacking the exploration expertise of some rivals, explaining part of the reason why its shares have underperformed peers such as Soco International and Tullow Oil .

In July Eni said it was open to acquisitions after a €9 billion ($12.7 billion) buying spree this year and areas of possible interest included oil sands and refining in central and eastern Europe, Reuters reported.


Tuesday, 09 October, 2007, 10:40 GMT  | last updated: Tuesday, 09 October, 2007, 10:40 GMT

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