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New Imperial surge on bid price delight

15 Jul 2008


Shares in Imperial Energy rocketed for the second day running after the company revealed it is in takeover talks at a much higher price than the market expected.

Yesterday the company said it was in talks with an unnamed suitor, believed to be Oil and Natural Gas, India's state-owned energy company.

The shares jumped 1461/2p to 9181/2p, valuing the business at £950 million.

Today Imperial said the actual price is 1290p a share, causing another trading frenzy. The shares jumped nearly 30% to 1162p.

Imperial is an oil and gas producer that owns a number of oil licences in west Siberia. It is one of the few remaining independent UK oil and gas explorers.

ONG is under pressure from the Indian government to boost its assets but has had trouble in closing deals.

A statement to the stock market said the offer on the table is in cash, but there "can be no certainty" that the takeover will go ahead.

The company was founded four years ago by chairman Peter Levine.

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