UK's Centrica: Owns Or Has Acceptances For 50.3% Of Venture
August 24 2009 - 5:54AM
Dow Jones News
U.K. utility Centrica PLC (CNA.LN) said Monday it had bought or
received acceptances for 50.3% level in Venture Production PLC
(VPC.LN), potentially giving the U.K. utility control of the U.K.
oil and gas independent.
Centrica said it had so far Monday morning acquired, subject to
settlement, further shares representing approximately 8.4% of the
existing issued share capital of Venture, at 845 pence a share.
As a result, Centrica now owns or has acquired, subject to
settlement, shares representing approximately 40.1% of the existing
issued share capital of Venture. Taking the acceptance level as at
1600 GMT on Aug. 21 and Centrica's holding in Venture at the time
of its Monday announcement, Centrica either owns, has acquired
subject to settlement, or has received valid acceptances of its
offer, shares representing around 50.3% of the existing issued
share capital of Venture, the company said in a statement.
Venture tried to fend off the GBP1.3 billion hostile takeover
bid from Centrica, saying the 845-pence-a-share offer substantially
undervalued the company and its long-term growth prospects.
Centrica launched its bid for Venture last month. Through the
deal, Centrica seeks access to Venture's gas reserves to reduce its
reliance on volatile wholesale gas markets and to help supply its
15.5 million gas and electricity customers in the U.K.
Venture couldn't be reached for comment.
Company Web site: http://www.centrica.co.uk
-By Selina Williams, Dow Jones Newswires +44 207 842 9262;
selina.williams@dowjones.com
(James Herron contributed to this story.)
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