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’Big Oil break-ups
First Marathon Oil, then ConocoPhillips, next BP?
The Lex column doesn’t think further Big Oil break-ups are likely:
Whether or not the sum of the parts really is greater than the whole, this is what the market believes and perception is reality.
Exposure in Gaddafi’s Libya
As the Great Socialist People’s Libyan Arab Jamahiriya comes crashing down, despite regime attempts to butcher demonstrators — here’s a timely reminder on corporate exposure.
Much of it, as you’d expect,
Making BP and big oil beautiful
Those of uncharitable disposition might sum up BP’s strategic response to the Gulf of Mexico disaster as follows: remove the Brit with the funny accent and install a Yank as CEO. (And, of course, flog off some assets to help pay for the spill).
Snap news
Breaking pre-market news on Friday,
- SuperGroup prices IPO at 500p a share, values company at £395m – statement.
- Promethean prices IPO at 200p a share, for a market capitalisation of £400m. (Price range was 180p-225p) – statement.
Heritage Oil ditches Genel talks
Heritage Oil has called off its proposed $6bn deal to merge with Turkey’s Genel Enerji in the wake of its agreement to sell its Ugandan oil fields to Eni, the Italian energy group. The UK group on Sunday sealed a deal with Eni worth $1.35bn in cash for the Ugandan assets,
Snap news
Breaking pre-market news on Monday,
- Heritage Oil-Genel merger terminated, Heritage issues letter of intent to sell its Ugandan assets to Eni for $1.3bn – statement.
- Lloyds Banking Group says it has accepted offers to exchange £8.8bn of non-US securities – statement.
Steelie Neelie squares up to Silvio
No one could accuse Neelie Kroes of slipping gently into retirement. In her last months as EU antitrust commissioner Ms Kroes has delivered a slap across the chops to several state-owned banks, and rolled up her sleeves regarding Oracle’s bid for Sun.
Hello, is Enibody out there?
Knight Vinke – thy name strikes fear into the hearts of chief executives across the land.
The activist investor, armed with just a minority stake, has in the past jousted with such dragons of corporate waste as Royal Dutch Shell and its British-Dutch dual board structure,
Eni revealed as buyer for First Calgary
Italy’s Eni emerged on Monday as the buyer of First Calgary Petroleums in a move that will consolidate its position as the leading oil and gas producer in Algeria and secure reserves for European markets.
Eni group reaches deal with Kazakhs
Kazakhstan agreed a deal with an Eni-led consortium late Sunday night to develop the Kashagan oilfield, the biggest oilfield to have been discovered since the 1960s. The consortium – which includes ExxonMobil of the US,
Eni drops revised bid for Burren
Eni, the Italian multinational, on Monday dropped a revised takeover bid for Burren Energy, sending the shares of the London-based oil company down 15%. The offer to Burren’s management had been increased from an initial £10.50 a share in October to £12 over the weekend,
UK’s Burren Energy rejects bids
Burren Energy, the London based independent oil company, said on Tuesday it had rejected several bid approaches worth about £1.5bn ($3.5bn), including one from Eni of Italy. The company, which produces oil in Congo,
US funds criticise Shell for Iran activities
Royal Dutch Shell has been criticised by a group of US pension funds over its activities in Iran, home to the world’s second-largest gas reserves. In a letter seen by the FT, a group of the largest US public pension funds,
Eni/Enel win Yukos assets auction
Italy’s Eni and Enel won an auction on Wednesday for the second lot of assets belonging to the bankrupt Yukos oil group, including a key 20 per cent stake in Gazpromneft, the oil arm of state-controlled Gazprom,