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Maurel & Prom up on Takeover Interest Report

Source: Reuters 6/13/2012, Location: Africa

Maurel et Prom shares rise nearly 15 percent after The Daily Mail newspaper, without citing sources, reports that the French oil producer has drawn interest from U.S. explorer Anadarko Petroleum and Royal Dutch Shell. Maurel et Prom could receive a bid of more than 19 euros a share, compared with its Tuesday closing price of 10.455 euros, the paper says. The French company has rejected a friendly approach from Anadarko and is attracting the attention of Royal Dutch Shell, the paper says.

According to Kepler analyst Bertrand Hodee, Maurel's Mozambique assets could interest Anadarko and Shell, which recently reached an agreement to buy Cove Energy and which, like Maurel et Prom, is present in Gabon. "A price of 19 euros, or an 80 percent premium against the last quoted share price, seems a bit exaggerated to us," Hodee says. Maurel et Prom and Royal Dutch Shell are not immediately available to comment.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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