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The Times: Money floods into water sector on talk of takeovers

May 22, 2007
Bryce Elder: Large caps


There was a speculative switch from oil to water, as takeover hopes led investors to gamble on mergers in the utility sector.

Among oil stocks, BP was up 8p at 590p and Shell rose 27p to £19.43. However, speculation about the oil sector had moved from a mega-cap merger and towards upstream producers.

Cairn Energy, recently linked to Malaysia’s Petronas, rose 32p to £18.25, Socotook on 13p at £15.43 and Venture Production rose 3½p at 726½p as UBS named all three as targets for cash-rich peers or, perhaps, private equity.

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