“In response to press speculation, the board of Imperial confirms that it has received an approach which may or may not lead to an offer being made for the company,” said a brief statement from Imperial, which hunts for oil and gas in Russia and in Kazakhstan.
Earlier on Monday, a newspaper reported without citing sources that India’s largest state-run oil producer, Oil and Natural Gas Corp (ONGC), was seeking an alliance with the London-listed group. In morning trade, Imperial Energy shares rallied 22.02% to 942 pence, giving the company a stock market capitalization of £963.12 million (€1.2 billion, $1.9 billion dollars). The FTSE 100 leading shares index was ahead by 1.64%. (Economic Times)
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