26/08/2008
India’s state-owned ONGC Videsh oil group is making an agreed £1.4 billion bid for Imperial Energy at £12.50p.
This bid, expected for some time by the market, would put fully listed Imperial, with its registered Russian oil reserves of 450 barrels and other prospects, under control of the Indian concern. Both sides agree the terms and await only regulatory clearance.
The terms have disappointed some punters, who had pushed Imperial’s shares above £18 in January, though the price is four times higher than levels of three years ago.
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