Centrica Asks Venture To Apply To LSE To Delist Co

Centrica PLC (CNA.LN) said Thursday it has requested that Venture Production PLC (VPC.LN) apply to the U.K. listing authority to cancel its listing, as the U.K. utility shores up control of the oil and gas producer.

Centrica in a statement said it has now acquired, or agreed to acquire, shares representing 75% or more of the voting rights of Venture.

A notice period of not less than 20 business days prior to delisting and cancellation of admission to trading shares on the London Stock Exchange will start Sept. 4. Delisting and cancellation is intended to take place on or shortly after 0700 GMT Oct. 2 2009.

Last week, Venture admitted defeat in its defense against a hostile GBP1.3 billion takeover bid from Centrica and recommended that all shareholders accept the offer.

Centrica, which received European Commission clearance for the deal on Aug. 21, is looking to the Venture acquisition to help bolster its gas supplies and strengthen its position in the U.K. energy market.

Securing gas and electricity supplies for its 15.5 million-strong customer base has long been an issue for Centrica, which faces dwindling reserves. But with volatile energy markets making energy security a top priority for governments and companies alike, the issue has become even more pressing for Centrica.

At 1023 GMT, Centrica shares were down 1.6% at 251 pence, underperforming a mostly flat market.

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

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