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Wintershall offers $740 million for Revus

Wintershall offers $740 million for Revus

German energy group Wintershall on Monday offered $740 million to buy Norway's Revus Energy ASA, a bid that values the small oil company's stock at 145 percent of Friday's closing price. The Revus board unanimously recommended the offer to shareholders.
"We believe this is an attractive offer to shareholders, fairly reflecting the underlying values of the company. I am very proud of the achievements of our company to date and am excited about its future under a new owner," said Revus chief executive Harald Vaboe said.
The shares, which closed at 44.90 kroner ($6.41) before the weekend, traded at 96.50 kroner ($13.78) on Monday. The bid values them at 110 kroner ($15.71) each.
Revus was founded in 2002 in Stavanger, the center of Norway's offshore oil industry, to specialize in offshore oil exploration and production in Norwegian and British waters. It has ownership stakes in 35 offshore oil licenses in those waters.
Wintershall, based in Kassel, Germany, is a wholly owned subsidiary of BASF SE in Ludwigshafen. The company has been active in the exploration and production of crude oil and natural gas for over 75 years.
"With its high quality development and exploration portfolio Revus strongly improves Wintershall's asset base in the North Sea, especially in Norway," said Reinier Zwitserloot, chairman of Wintershall's board. "We are impressed by the strong geological know-how of Revus employees and we will retain these strengths to ensure further growth."
A Revus news release said full details of the offer will be made public when they are sent to shareholders following approval by the Oslo stock exchange. The deal also contingent on a process of due diligence.
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On the Net:
http://www.revus.no
http://www.wintershall.com


Updated : 2021-06-23 01:59 GMT+08:00