UK's Centrica: Owns Or Has Acceptances For 50.3% Of Venture

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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