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Regal says no bid approach from Shell

Reuters UK

Regal says no bid approach from Shell

Fri Oct 3, 2008 7:38am BST

LONDON, Oct 3 (Reuters) – Ukraine-focused oil and gas explorer Regal Petroleum (RPT.L: QuoteProfile,Research) denied it had received a $1.2 billion takeover approach from oil Major Royal Dutch Shell Plc (RDSa.L: Quote,ProfileResearch).

 

A Regal spokesman said the Daily Telegraph report that the company had received a letter proposing a 300 pence per share bid was not true.

“We have seen no such letter,” the spokesman said, citing comments he had just received from Chief Executive David Greer.

The spokesman said Regal staff did have regular contact with Shell staff in Ukraine but that discussions had been only about operational matters such as the possibility of Shell using one of Regal’s drilling rigs.

Regal has previously said it has received approaches from parties that had proposed potential deals such as acquisitions of assets or purchases of stakes in Regal assets. The spokesman said none of these were at an advanced stage.

(Reporting by Tom Bergin; Editing by Paul Bolding)

 

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