UK Centrica Buys Another 1% Stake Of Venture In Market-Spokesman

U.K. utility Centrica PLC (CNA.LN) has bought another 1% of U.K. independent Venture Production PLC's (VPC.LN) shares in the market, taking its stake up to 29.9%, a spokesman for the U.K. utility said.

"We bought some shares this morning in the market and that's enough to take us up to 29.9%," the spokesman said.

The shares were purchased for a price under the 845 pence a share final offer Centrica made Friday for the U.K. oil and gas producer. The offer values Venture at around GBP1.3 billion.

Earlier Monday two of Venture's shareholders representing over 10% of the company's shares, Arclight Capital Partners LLC and Venture founder Larry Kinch, rejected the offer.

Centrica, with its dwindling natural gas reserve base, wants Venture's gas output to help supply its 15.5 million gas and electricity customers.

At 0816 GMT, Venture shares were up 39p, or 5%, at 824p/share.

Company website: http://www.centrica.co.uk

Company website: http://www.vpc.co.uk

-By Selina Williams, Dow Jones Newswires +44 207 842 9262; selina.williams@dowjones.com

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