Imperial Energy rejects Gazprom bid, shares fall

Source: Energy Digital

Date :23/11/2007 11:59:07

Shares in Imperial Energy Plc, the U.K. oil explorer, fell 13 percent yesterday after it rejected an offer from Russian giant Gazprom's banking arm to buy a minority stake.

In a short statement, Imperial said that further to its ‘announcements of 1 and 7 November 2007 regarding an unsolicited indicative proposal from Gazprombank to subscribe for newly issued shares in Imperial Energy at a discount to the prevailing Imperial share price as at 1 November 2007, Imperial announces that discussions have now concluded and the initial proposal will not be progressed.’

“However,” it continued, “both Groups take the view that there is room for mutual cooperation between them in the petroleum industry of Russia in other ways. This is intended to be pursued in due course and as may be appropriate.

Imperial's stock fell 151p to 1,045p, valuing the London-based company at £534 million. Shares closed down 9.6 percent at 1,081p.

November 23, 2007