Centrica, the UK’s largest utility, on Monday took a controlling stake in Venture Production, all but securing its £1.3bn proposed takeover of the North Sea oil and gas producer. Centrica increased its shareholding in Venture by 25.2m shares, or 16.8 percentage points, to 48.4%. Together with the about 10%of valid acceptances it holds, Centrica has now garnered more than 58% of Venture, whose board is expected to drop its opposition to the deal and recommend that remaining shareholders sell their stocks to Centrica.

This entry was posted by Gwen Robinson on Tuesday, August 25th, 2009 at 4:50 and is filed under Capital markets. Tagged with centrica, Venture. Edit this entry.