The U.K.'s largest gas and electricity retailer, Centrica PLC (CNA.LN), said Wednesday it has bought a 22.3% stake in North Sea gas producer Venture Production PLC (VPC.LN) for GBP239.4 million.

Centrica said it may in the future make a full cash offer for Venture, but there is no certainty at this stage.

It has already acquired 33,016,611 Venture shares at 725 pence a share.

Centrica doesn't produce enough gas to supply all of its retail customers in the U.K. and its earnings are highly exposed to volatility in wholesale gas prices. One of the company's strategic goals is to reduce this exposure by acquiring gas producing assets.

It is also in talks with Electricite de France SA (1024251.FR) about taking a 25% stake in its nuclear subsidiary British Energy.

At 1122 GMT Centrica shares were up 0.4%, or 1p, at 247p. Venture shares were up 26.4%, or 153p, at 733p, in a flat broader market.

-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; james.herron@dowjones.com
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