UK's Centrica: Potential Stake In Venture Prod Now Almost 41%

U.K. utility Centrica PLC (CNA.LN) said Thursday it has received acceptances representing around 10.9% of Venture Production PLC (VPC.LN) of the current issued share capital, taking its potential stake in the company up to 40.8%

It also said in a statement that it had received acceptances of 9.4% of the ordinary share capital of Venture on a fully diluted basis.

Centrica already owns 29.9% of the U.K. independent oil and gas company following its 845-pence a share offer posted to shareholders July 16 in a deal valued at GBP1.3 billion.

The U.K. utility said it was extending the offer period until 1200 GMT on Aug. 28.

Centrica said the European Commission's merger review process is still on track to be concluded by Aug. 26. Centrica said it believes that "no material anti-trust issues are likely to arise in relation to the offer."

Centrica is aiming to get over 50% of Venture, which would give it control of the company.

With its dwindling natural gas reserve base, Centrica wants Venture's gas output to help supply its 15.5 million gas and electricity customers in the U.K.

Goldman Sachs International (GS), JP Morgan Cazenove and RBS Corporate Finance Limited and RBS Hoare Govett Ltd. are advising Centrica.

Company Web site: http://www.centrica.co.uk

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

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