Venture Urges Holders To Resist As EU Approves Centrica Bid
August 21 2009 - 11:21AM
Dow Jones News
U.K. oil and gas company Venture Production PLC (VPC.LN) again
urged its shareholders to reject a hostile GBP1.3 billion takeover
bid from utility Centrica PLC (CNA.LN) after the European
Commission cleared the approach on competition grounds.
Centrica's 845 pence per share bid substantially undervalues the
company and its long-term growth prospects, Venture said in a
statement.
Centrica has said Venture's defense is based on an overly
optimistic assumption of future gas prices and its offer is "a
compelling opportunity for Venture shareholders."
Centrica, which already owns 29.9% of Venture, launched its bid
for Venture last month. Through the deal, Centrica aims to gain
access to Venture's gas reserves to reduce its reliance on volatile
wholesale gas markets for supplies.
-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; james.herron@dowjones.com
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