German gas company Wintershall has bid 110 Norwegian krone per share to buy Norwegian oil company Revus Energy, and Revus’ board has backed the deal valuing it at $740 million, the companies said on Monday.
Wintershall is a unit of German chemical group BASF. “Revus’ Board of Directors..., which has been advised by J.P. Morgan plc/JPMorgan Cazenove Limited and First Securities ASA, has unanimously decided to recommend the offer,” Revus Energy said in a statement.
The offer represents a premium of 145% to Revus’ Friday closing price of 44.90 krone. (Reuters)