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Borders & Southern Rises to Record on Speculation of Shell Bid

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Bloomberg: Borders & Southern Rises to Record on Speculation of Shell Bid

By Sabine Pirone and Sarah Thompson

April 28 (Bloomberg) — Borders & Southern Petroleum Plc, a U.K.-based company that explores for oil near the Falkland Islands, rose to a record in London trading on speculation Royal Dutch Shell Plc may make a takeover bid.

Borders & Southern advanced as much as 5.75 pence, or 7 percent, to 89 pence and traded at 87 pence at 9:14 a.m. That’s the biggest gain since May 2005 and boosts the London-based company’s market value to 169 million pounds ($334.9 million).

“Rumors of Shell’s interest in Borders & Southern have been around for a while,” Jimmy Yates, a London-based trader at CMC Markets Plc, said today by telephone. “The price being bandied around is 220 pence.”

“We have not been approached by anyone,” Borders & Southern Chief Executive Officer Howard Obee said in a telephone interview today. Borders & Southern is “not aware of any interest by Shell,” Obee said.

Shell’s press department couldn’t immediately be reached for comment.

To contact the reporter on this story: Sabine Pirone in London at [email protected]

Last Updated: April 28, 2008 04:43 EDT

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