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Imperial Energy admits takeover approach after Sinopec report

by Staff Writers
 London (AFP) Aug 4, 2008
 British oil and gas explorer Imperial Energy said on Monday that it had received a second takeover approach from an unnamed party, reported to be Chinese energy giant Sinopec.

"In response to further press speculation, the board of Imperial confirms that it has received another approach in relation to a possible cash offer for the company," Imperial said in a statement.

"There can be no certainty that any offer will ultimately be made for the company or as to the terms on which any such offer might be made."

Over the weekend, The Sunday Telegraph newspaper reported that Sinopec, the second-biggest producer of crude in energy-hungry China, was mulling a bid for Imperial, which hunts for oil and gas in Russia and in Kazakhstan.

The British group had revealed last month that it was in talks with a potential buyer, believed to be ONGC of India, over a bid worth 1,290 pence per share or 1.32 billion pounds (2.65 billion dollars, 1.65 billion euros).

Indian media reports had suggested that the country's biggest state-run oil producer, Oil and Natural Gas Corp (ONGC), was seeking an alliance with the London-listed firm.

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