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.
David Greer
Regal says no bid approach from Shell
Regal approach could be worth £680m
The moves come as Shell, Europe's largest energy group, was said by one person familiar with the company to have made an approach about a possible bid valuing Regal at $1.2bn (£680m).
Shell plots $1.2bn Regal takeover bid
Royal Dutch Shell, Europe's largest energy company, has proposed a $1.2bn (£600m) takeover of Regal Petroleum, the oil and gas explorer trying to recover from a controversial past under former chief executive Frank Timis.
Ukraine plan fuels Regal revival
The surprise appointment of Mr Greer and two other directors at Regal resulted in the abandoning of a plan for Shell to take a majority stake in the Ukrainian assets for $410m (£210m).
Mr No-nonsense leads at Regal (An example of spin by the Financial Times)
David Greer knows about bad publicity. As deputy chief executive of Royal Dutch Shell's Sakhalin arm, running the Sakhalin-2 project off the far-east coast of Russia, he suffered the indignity of having an internal memo, which was designed to motivate his managers - "lead me, follow me, or get out of my way" - leaked to the Financial Times last year.
David Greer back in the news
On Nov. 23, Royal Dutch Shell Plc, Europe's biggest oil company, ended a plan to buy Regal's Ukrainian assets one day after Greer, a former Shell executive, was named as CEO.
Our interventions in the Sakhalin-2 Project
Below is a compilation of information put together for certain third parties. It all relates to our involvement in the Sakhalin-2 project which led to Shell's loss of its ownership stake and the resignation of David Greer. We have published for the first time the correspondence file relating to Oleg Mitvol, the so called "Kremlin Attack Dog".
Oil upstart Regal has had its ups and downs of late…
...now theres a new CEO in David Greer (the Shell veteran who became notorious for the leaked motivational memo in which he wrote: Lead me, follow me, or get out of my way)
Financial Times: Revised article on speech by General Patton-Greer: “Pipeliners All!” Shell’s memo to Sakhalin
Financial Times: Revised article on speech by General Patton-Greer: “Pipeliners All!” Shell’s memo to Sakhalin
Last updated: June 6 2007 13:07By Ed Crooks
As if laying pipelines across Sakhalin Island, described by Chekhov as “hell”, were not enough, the engineers battling the elements there have to put up with their bosses motivational memos.
In a leaked email from David Greer, the deputy chief executive of Sakhalin Energy Investment Company, the consortium running the Sakhalin 2 project, he reveals that he despises cowards and urges his staff to “Lead me, follow me, or get out of my way”.Much of the memo appears to have been drawn from a speech by General George S. Patton to US troops ahead of the D-Day invasion, when he said: “When you were kids, you all admired the champion marble player; the fastest runner; the big league ball players; the toughest boxers. Americans love a winner and will not tolerate a loser. Americans despise cowards. Americans play to win – all the time.”